DOLLAR—Vs—RUPEE
Dollar closed
at Rs. 83.22 on 29-9-2023.
SUPPORT:82.41/82.38/81.76/81.66/81.61/81.54/81.07/81/80.88/80.35/79.31/78.89.
RESISTANCE:83.33/83.40/83.67/83.96/84.06/84.14/84.47/84.64/84.80/84.88/85.19/85.39/85.86/87.54/88.15/88.94/91.
TECHNICAL OBSERVATION :-
It has been consolidating and moving in a range of 80.35---84.06 since 11.11.2022 for almost 11 months now and breakout on either side will decide the further directional move. The technical setup looks o.k. as of now and since it is hovering near the upper band of the mentioned range for quite some time, therefore there is a good chance that it may give an upside breakout in coming days/week and months. So, watch out for breakout or one can trade the range now. The bias is bullish as of now.
IMPORTANT:-Please note that
technical observation is a regular process and interpretation changes with time
and price movement, so one has to review it at regular interval.
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 are of spot market.
Contact me for
strategic guidance to enter and exit trade.
Thanks
Narendra Kumar Surana
Mobile—8240951127/9831313654.
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