Dollar – Vs –Rupee
Dollar closed
at Rs.67.76 on 15-1-2016
SUPPORT: -67.17/66.19/65.93/65.84/65.55/65.31/64.68/64.62.
RESISTANCE: -
67.95/68.60/68.80/69.18/71.19.
TECHNICAL OBSERVATION :-
The
technical chart is nicely placed and showing good strength which is indicative
of reasonable to significant rise ahead in coming days provided it hold it’s
most important level of 67.17 & 66.19 these are the benchmark points for it
for the entire year of 2016. Therefore it is suggested that the existing long
position should be held and fresh long position can be added- on dip but not
below 67.17 and one should get alerted if it breaks 67.17 and exit long trade
if it sustains below 66.19. Going up it will face stiff resistance from its all
time high of 68.80 which it made on 4-9-2013, but once this level is crossed
and held then it is very likely to hit 71.25 mark, chances of which looks good
at this point of time. It will get good support in the range of 65.93—64.62.
REMARKS:-The long term trend is up, therefore it is suggested
to take long call on dip but not below 67.17 with the above mentioned stop
loss.
Kindly note that make your cost your
stop loss in favorable trade and then
trail it as the price move up/down to gain maximum profit and avoid losses. Use
support and resistance levels as entry, exit, target and trailing stop loss
points. DO NOT TRADE WITHOUT STOP LOSS.
Disclaimer:-The
view expressed here are solely of the author and he is not at all responsible
in any way for the outcome of the trade you enter based on the above view.
Note: Price stated here is of spot market
Contact
me for strategic guidance to enter and exit the trade
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