DOW JONES INDUSTRIAL AVG INDEX(A TECHNICAL VIEW)-12-10-2018

DOW JONES INDUSTRIAL AVG INDEX

CLOSED AT 25052.83 ON 11-10-2018

SUPPORT:-24876.07—858/24809.35/24719.72/24247.89/24217.75/24195.85—066/23997.21/23828.73/23531.31/23360.29/23344.52.     

                            

RESISTANCE:-25402.83/25449.15/25587.24/25692.72/25754.32/25807.35/26030.35/26167.94/26349.34/ 26616.71/26769.16/26951.81/27060/27530.

(Figures in bold are important)

Further to my last post of 8.10.18 as envisaged it corrected sharply and in last two trading session it plunged down by more than 1370 points breaking all short, medium and long term moving averages except for the few long term averages, the complete long term moving average range is between 25420---24817 for today (it changes every day).Furthermore its critical points are 24876.07/24809.35 & 24719.72 for the year 2018.

 Kindly note that despite, the massive fall it is still within its long term moving average range and above its critical points. Therefore as long as it holds the critical points and lower band of the long term average chances are that it may bounce back again, but it will gain some strength and consolidate only above its long term moving average range and will regain up momentum only above its major breakout point of 26616.71(see my post of 8.10.18). Similarly sustained break below the lower band of the long term moving average i.e.24817 and below the last critical point of 24719.72 will put the uptrend in potential danger which may please be noted. It is therefore suggested to get alerted in long trade if it sustain below 24876 and exit the trade if it sustain below 24817(it changes every day) and below 24719.72 for sure.

It is important to mention here that the last two days fall was an impulse down move ,so if it does not stage a smart recovery at the earliest and claw back above its important points(as mentioned above) then the fall may deepen further and it may witness much lower levels. So be vigilant and cautious in your trades.

REMARK: - It is in uptrend but last two day severe fall is a potential threat to the trend, but since it is holding on to its important points chances are that it may stage a smart recovery in coming days. Therefore long trade can be tried with caution near but not below 24876 or above its long term moving average upper band i.e. 25420.    

 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

CNX-NIFTY--A TECHNICAL VIEW---12-10-2018

 CNX-NIFTY

Open-10169.80—High-10335.95---Low—10138.60---Close—10234.65 on 11-10-2018

Support:10198/10180--170/10137---10094--10033/9951.90/9792/9740/9687.55/9685.55/9448/9408/9341/9119.20.

Resistance: 10276.30/10283.23/10313.56/10378.65/10417.80/10478.60—482.35/10530.70—10560/10631---637/10784.

(Bold figures are very important)

                                                                                      

 Further to my last post of 8.10.18 as envisaged it made a short bottom of 10198.40 on 8-10-18(near the first short covering range of 10180---170) and as expected gave pullback but a day after on 10-10-18 which took it to 10482.35, a shade above the 2^nd expected sell point(sell points were 10418/478/530 see my last post). On 11-10-18 it opened with a huge downside gap at 10169.80 breaking the earlier bottom of 10198.40 and made a low of 10138.60 but it filled the gap it created today during the day which was at 10318.25 and finally closed with a loss of 225.45 points at 10234.65. You are well aware that the pullback rallies in a down trend market are treacherous in nature and end abruptly trapping the trader unaware and this is what happened  today, therefore going against the trend is not a prudent idea, so long trade should be avoided for now. Looking at the overall technical setup it is very much likely that it will break 10000 level for sure as of now but since it has bed of support in the range of 10180---10137---10033 and some technical indicators also pointing that it may move sideways to up for some time before breaking the 10000 mark, so till then it may move in an under-noted range for some time. In view of the above one may structure their both side trade with the help of under noted range but be cautious in short trade as well.   

1. Long Range:-10730----10560----10530---10482.35----10313--10180—170---10137----10033.

2. Medium Range:-10560----10482.35----10378.65---10313----10180—170---10137----10033.

3. Short Range: - 10482.35----10378.65---10313----10180—170---10137----10033

Kindly note that if it moves above 10560 and sustain then it may consolidate  and if it moves above its long term moving averages which is in the range of 10975—10730 for 12-10-18(it changes every day) and sustains then it may regain up momentum. Therefore short trade should be avoided above 10560 and can be initiated again if it sustains below 10530. I once again repeat that the trader can initiate both side trade with the help of the above mentioned range, but since the trend is clearly down therefore long trade for pullback is not suggested, sell on the rise would be a better trade to do but with caution. The possible bottom formation range will remain the same as mentioned in my last post of 8-10-18.

Remark: - The trend is down and it seems that it has already slipped into the bear market if it does not claw back above 10560 and then above its long term moving averages in a shortest possible time and sustain, therefore long trade should only be attempted if it moves and sustain above 10560 or after the on-going fall is arrested and it gives visible sign of bottoming out. As of now sell on the rise strategy should be adopted.

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.

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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.

DOW JONES INDUSTRIAL AVG INDEX(A TECHNICAL VIEW)-8-10-2018

DOW JONES INDUSTRIAL AVG INDEX

CLOSED AT 26447.05 ON 5-10-2018

SUPPORT: - 26349.34/26301.81/26167.94/26030.35/25800.35/25754.32/25608.02.                                 

 RESISTANCE: - 26616.71/26769.16/26951.81/27060/27530.

(Figures in bold are important)

Technically it is looking good on the chart, but after making an all time high of 26951.81 on 3-10-2018 it has fallen below its breakout top of 26616.71, so till it moves above it again and sustain it may not regain up momentum. Therefore till then it may move sideways or may correct from here. In fact it has been correcting for last two days. So correction may continue for some time and it may down further from here ,moving down  it will find good support at 26167/25800—754 levels, but it could go in for deeper correction if it breaks below 25754 and sustain. Therefore it is suggested to try long trade either above 26616.71 or near the aforesaid support points but not below 25754. 

REMARK: - It is in uptrend therefore long trade is suggested as mentioned above, but it would be safe to try long trade if it moves above 26616.71 and sustain. 

 Kindly note that make your cost your stop loss in favourable  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

LIGHT CRUDE CONTINUOUS 1000 BARRELS (NYMEX)--A TECHNICAL VIEW--7-10-2018

LIGHT  CRUDE  CONTINUOUS 1000  BARRELS (NYMEX)

CLOSED AT $ 74.34  ON  5-10-2018

SUPPORT:-$73.73/73.25/72.90/71.47/71.26/70.43/67.91/64.43.

RESISTANCE: - $75.27/76.90/77.28/84.05/85.61/87.15/91.24/92.50/107.

TECHNICAL   OBSERVATION :-

The trend is up as of now and it has given upside breakout also from the top of $75.27 but closed below it, however it is expected to move up again, but moving up it has tough resistance in the range of $74.50—85, therefore it seems that it may move sideways for some time before moving above the aforesaid range but once it moves above this range and sustain then it can hit $92.50 to 107 levels very quickly(very likely). On the downside it will have good support in the range of $72.50----71.50—69---67---64.43. The bias is as of now on the upside but since it is stuck in the range $75.27---67 and wild swing may be there therefore both side trade can be tried depending on the price movement.  

Kindly note that profit should also be booked in trade from time to time at the appropriate points so that you can take advantage of the market swings.

REMARKS:-  The trend is up but in view of the tough resistance range ahead, one should be extremely vigilant in initiating long trade at this point. However aggressive trader can try long call if it sustains above the breakout point of $75.27.  

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.

Kindly note that make your cost your stop loss in favourable  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.

Note: Price stated here is of spot market

Contact me for strategic guidance to enter and exit the trade

Dollar – Vs –Rupee (A TECHNICAL VIEW)—7-10-2018

Dollar – Vs –Rupee

Dollar   closed at Rs.73.76 on 5-10-2018

SUPPORT: -73.74/72.98/72.39/71.75/71.52.

RESISTANCE: - 74.24/74.97/75.50/76.97/77.84.

TECHNICAL   OBSERVATION :-

It is highly bullish on the technical chart and scaling new highs every other day, but it is in overbought territory now and may correct anytime therefore be vigilant in long trade. In correction as long as it holds 72.98 & 72.39 it may not see deep correction, but break below 72.39 may take it down to 71.75 & 71.52 and sustained break below 71.52 may drag it down faster to 68.89—68.80 levels.The trend is clearly up therefore long trade is suggested on every dip but not below 72.39. If it holds 73.74 now it could hit 74.97 & 75.50 on the upside in coming weeks.  

REMARKS:-The long term trend is up; therefore it is suggested to take long call on dip.

Kindly note that make your cost your stop loss in favourable  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

CNX-NIFTY(AN OVERALL TECHNICAL VIEW)---8-10-2018

 CNX-NIFTY

Open-10514.10—High-10540.65---Low—10267.65---Close—10316.45 on 5-10-2018

Support:10313.56/10276/10180--170/10141.85/10094--10033/9951.90/9792/9740/9687.55/9685.55/9448/9408/9341/9119.20.

Resistance:10417.80/10478.60/10530.70—10558/10631---637/10784.

                                                                                      

 It made a top of 11760.20 on 28-8-2018 and thereafter it started correcting and plunged sharply in last three days breaking major support levels and all short, medium and long term moving averages decisively, which is a bad sign. It is important to mention here that it took 24 weeks from the recent major bottom of 9951.90 to top out at 11760.20, but it fell down sharply and only 365 points away from the bottom in just 5 weeks, therefore it seems that it is an impulsive down move and if it is so then this could be painful price wise and time wise both and likely to hit 9951 level during the next week and may move down further also in coming weeks/months. Furthermore the intensity of the fall for the last few days and the negative divergence appearing in RSI on weekly and monthly chart indicate that the on-going correction may deepen further and it could break 10000—9951 levels and drift further lower but there may be relief rallies in between. The uptrend is in extreme danger and it may slip into bear market if it does not claw back quickly above its critical range of 10530—553 and then move above its long term moving average range which is placed between 10993---10731(it changes every day) and sustain. Therefore to keep the uptrend intact it has to sustain above the aforesaid range which may please be noted.   

 It has been opening with a down gap for last two days and the gaps remained unfilled, if on 8-10-18 it again opens with a gap down i.e. below 10267.65 and goes down further then it is suggested to cover the short position in stages if not completely at least partially in the range of 10180—10170 and then 10094—10033--9951 because generally after the 3^rd gap whether up or down it moves vice versa. The trend is down and it is a sell on the rise market but it may give a smart or reasonable pullback after the 3^rd down gap to give trader a chance to sell at a higher level. The potential sell point on the expected pullback could be 10418/478/530. Moving down it may find good support at 10276/10180—170/10094—033/9951.90/9827/9687—85/9448/9408/9370/9119.20/8806/8667,it may make a short bottom at any of these points. But it may make a potential bottom in the range of 9800—9408 but if it breaks 9408 and then 9119.20 and sustain then it could go down to 8930---8800---8640--8600 levels which may please be kept in mind. In worst case scenario the aforesaid range of 8930---8800---8640—8600 is the potential range for bottoming out. Moving down 9408 & 9119.20 would be the critical point.   

                                                                                                                                                                                                                    

Remark: - The long term uptrend is potentially threatened and if it does not stage a smart recovery quickly and move above its critical points and long term moving averages and sustain then it may slip into bear market. Therefore it is suggested to avoid long trade till fall is arrested and it gives visible sign of correction completion. So as of now sell on the rise strategy should be adopted. However aggressive trader can try long trade if they wish to near the important support points for a pullback rally but with extreme caution because pullback rallies are treacherous in nature.    

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.

Kindly note that make your cost your stop loss in favourable  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.

Note: Price stated here is of spot market.

Contact me for strategic guidance to enter and exit trade.