A TECHNICAL VIEW ON CNX-NIFTY FOR—19.8.2022

 

CNX-NIFTY

 Open-17898.65.15-High-17968.45-Low-17852.05-Close-17956.50 on 18.8.2022.

Support:17947.55/17920/17797/17794.60/17639.50/17490.70/17387.15/17382/17354.05/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance:18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened on a negative note and then went up and crossed previous day’s high and finally ended the day near the high of the day with a meager gain of 12.25 points. But please note that it has been going up for the last 8 days in a row, therefore it is vulnerable for correction also, so be watchful. Furthermore the gap it created 16.8.2022 is still there and if it makes an effort to fill the gap in next 1-2 trading session which is technically possible then it can come down to 17724  levels, but if it do not fill the gap in stipulated time then chances of filling the gap will recede.  It is exhibiting good strength and most importantly to keep the up momentum going it has to stay above its major down trend line which is placed at 17776--17766(range will scale down every day) for the day, please note that close below 17755(figure will scale down every day) for the day will push it below the down trend line again and sustain close below the down trend line may trigger down slide. It is on a strong technical footing now therefore, it is likely to continue the up move with intermittent down correction. Moving up from here its key resistance points would be at 18114.65---18350.95---18604.45 but in between it could face other resistance points too, please note market could correct from any of these points or earlier also and then may resume the up move again. It is important to mention here that it is likely to retest its all time high of 18604.45 or may go beyond it also if it sustains above its most critical point of 17920 on the closing basis, similarly if it sustains below it on closing basis then be alert in long trade . Moving down its key support points would be at 17920---17797---17607.44(this figure will scale up if it moves above 17968.45) ---17387.15---17382---17354.05---17311.18---17298---17172.80----17158.25----17100. Please note that break below 17607.44 will push it into very short correction mode, sustained break below the range of 17388.15---17387.15---17382--17354.05 on the closing basis may jeopardize the on-going uptrend, sustained break below 17298 may deepen the correction and finally break below 17100 may accelerate the fall.   

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily chart and few indicators on the weekly chart also it is also making higher top & bottom on the line and the bar chart which is a very positive sign. Therefore the up move is likely to continue with in between correction till it breaks the key levels as mentioned above. In view of the above paragraph it is suggested to avoid long trade below 17766 for the day. Please note that it is still a buy on dip market as of now till it signals otherwise.

In view of the above observation long trade can be tried if it moves above 17970 and maintains for some time with a stop loss of 17920 or can try buy on decline near  or within the range of  17776--766 but not below it  with a stop loss of 17740. Although it is in the uptrend but short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 18090---18115 but not above it with a stop loss of 18175 or sell if it moves below 17755 with a stop loss of 17810. Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short, medium and long term trend is positive as of now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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 are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-BANK NIFTY FOR—19.8.2022

 

CNX-BANK NIFTY

Open-39324.40-High-39703.70-Low-39291.15-Close-39656.15on 18.8.2022.

Support:39546.50/39424.85/39197/39117.15/38855.55/38765.55/38426.65/38377.35/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70. 

Resistance:39895/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened on a negative note and then went up and crossed yesterdays high and finally ended the day near the high of the day with a gain of 194.45 points. But please note that it has been going up for the last 8 days in a row, therefore it is vulnerable for correction also, so be watchful. Furthermore the gap it created on 16.8.2022 is still there and if it makes an effort to fill the gap in next 1-2 trading session which is technically possible then it can come down to 39088 levels, but if it does not fill the gap in stipulated time then chances of filling the gap will recede.  It is exhibiting robust strength and on a very strong technical footing therefore, it is likely to continue the up move with intermittent down correction. Moving up from here the key resistance points would be at 39895---40160.20---41367.25—41829.60 but in between it could face other small resistance points too, please note that market could correct from any of these points or earlier  and then may resume the up move again after correction. It is important to mention here that if it moves above 39895 and sustain on the closing basis then it could retest its all time high of 41829.60 or may go beyond it also, so moving up 39895 would be the most critical resistance point. Similarly moving down its key support points would be at39547---39424.85---38888.30(this figure will scale up if it crosses its recent high of 39703.70) ---38134---37954.25---37755.55---37754.65----37594.15---37491---36993---36830---36640. Please note that break below 38888.30 could push it into very short correction mode, sustained break below 37954.25 may deepen the correction and sustained break below the range of 37756.24---37755.55---37754.65----37594.15---37491 on the closing basis may jeopardize the on-going uptrend and may accelerate the fall.

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily chart and few indicators on the weekly chart also it is also making higher top & bottom on the line and the bar chart which is a very positive sign. Therefore up move is likely to continue with in between down correction till it breaks the key levels as mentioned above. In view of the above paragraph for safe traders it is suggested to avoid long trade below 38888 but highly aggressive traders can still try long trade near or within its second and last support range of 37954---37755.55---37754.65----37594.15---37491—37484.50, but please note that it may prove risky below 37954 and highly risky below 37755.55 & 37754.65 which please note. Please note that it is still a buy on dip market as of now till it signals otherwise.

In view of the above observation long trade can be tried if it moves above  39705 and maintain for some  or holds 39547 for some time with a stop loss of 39400 or can buy on decline at appropriate points or near 38888 but not below it with a stop loss of 38690. But aggressive traders can also try buy on decline near 37954---37755.55---37754.65 but not below it with a stop loss 37470. Please note that long trade below 38888 could be a risky bet for the day. Although it is in the uptrend but in correction mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 40000--40100 with a stop loss of 40250 or sell if it moves below 38690 with a stop loss of 38900. Since it is in uptrend short trade could be a risky bet but worth trying at these points for corrective gains. The short, medium and long term trend is positive as of now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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 are of spot market.

Contact me for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

TECHNICAL VIEW ON CNX-BANK NIFTY FOR—18.8.2022

 

 CNX-BANK NIFTY

Open—39351.30---High—39504.50---Low—39202.80---Close—39461.70 n 17.8.2022.

Support:39424.85/39197/39117.15/38855.55/38765.55/38426.65/38377.35/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70. 

Resistance:39546.50/39895/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened on a positive note and went up further and finally ended the day with a gain of 222.05 points. But please note that it has been going up for the last 7 days, therefore it is vulnerable for correction also, so be watchful. Furthermore the gap it created on 16.8.2022 and on 11.8.2022 is still there and if it makes an effort to fill the gap in next 2-3 and 1 trading session for respective gap which is technically possible then it can come down to 39088 & 38402 levels, but if it does not fill the gap in stipulated time then chances of filling the gap will recede.  It is exhibiting robust strength and on a very strong technical footing therefore, it is likely to continue the up move with intermittent down correction. Moving up from here the key resistance points would be at 39547---39895---40160.20---41367.25—41829.60 but in between it could face other small resistance points too, please note that market could correct from any of these points or earlier  and then may resume the up move again after correction. Please note that if it moves above 39895 and sustain on the closing basis then it could retest its all time high of 41829.60 or may go beyond it also, so moving up 39895 would be the most critical resistance point. Similarly moving down its key support points would be at 39424.85---38736(this figure will scale up if it crosses its today’s high of 39504.50) ---38134---37802---37755.55---37754.65----37594.15---37491---36993---36830---36640. Please note that break below 38736 could push it into very short correction mode, sustained break below the range of 37802---37756.24---37755.55---37754.65----37594.15---37491 on the closing basis may jeopardize the on-going uptrend may deepen the correction further.

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily chart and few indicators on the weekly chart also it is also making higher top & bottom on the line and the bar chart which is a very positive sign. Therefore up move is likely to continue with in between down correction till it breaks the key levels as mentioned above. In view of the above paragraph for safe traders it is suggested to avoid long trade below 38736 but highly aggressive traders can still try long trade near or within its second and last support range of 37802---37755.55---37754.65----37594.15---37491—37484.50 ,but it may prove risky below 37755.55 & 37754.65 which please note. Please note that it is still a buy on dip market as of now till it signals otherwise.

In view of the above observation long trade can be tried if it moves above  39547 and maintain for some time with a stop loss of 39200 or can buy on decline  at appropriate points or near 38736 but not below it with a stop loss of 38600. But aggressive traders can also try buy on decline near 37802---37755.55---37754.65 but not below it with a stop loss 37470. Please note that long trade below 38736 could be a risky bet for the day. Although it is in the uptrend but in correction mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 39800--39895 with a  stop loss of 40040 or sell if it moves below 38600 with a stop loss of 38750. Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short, medium and long term trend is positive as of now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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 are of spot market.

Contact me for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR—18.8.2022

 

CNX-NIFTY

 Open—17868.15--High—17965.95—Low—17833.35--Close-17944.25 on 17.8.2022.

Support:17920/17797/17794.60/17639.50/17490.70/17387.15/17382/17354.05/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.                                                                                                                                                           

Resistance:17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened on a positive note and went up further and finally ended the day with a gain of 119 points. But please note that it has been going up for the last 7 days, therefore it is vulnerable for correction also, so be watchful. Furthermore the gap it created 16.8.2022 and on 11.8.2022 is still there and if it makes an effort to fill the gap in next 2-3 and 1 trading session for respective gap which is technically possible then it can come down to 17724 &17566 levels, but if it do not fill the gap in stipulated time then chances of filling the gap will recede.  It is exhibiting good strength and most importantly it has given upside breakout from its major down trend line today which is hugely positive sign and it has opened the big upside range for it. But to sustain the breakout it has to maintain and close above the range of 17800—17785(range will scale down every day) for the day and close below 17765(figure will scale down every day) for the day will push it below the down trend line again. Therefore 17765 is the benchmark point for the day and close below this mark may trigger down slide which please note. It is on a strong technical footing now therefore, it is likely to continue the up move with intermittent down correction. Moving up from here its key resistance points would be at 18114.65---18350.95---18604.45 but in between it could face other resistance points too, please note market could correct from any of these points or earlier also and then may resume the up move again. It is important to mention here that it closed above its most critical point of 17920 today and if it sustains above it on the closing basis then it could retest its all time high of 18604.45 or may go beyond it also which please note but break below it on the closing basis could be an alert sign for long trades. Similarly moving down its key support points would be at 17920---17797---17605.53(this figure will scale up if it moves above 17965.95) ---17387.15---17382---17354.05---17309.27---17298---17172.80----17158.25----17100. Please note that break below 17605.53 will push it into very short correction mode, sustained break below the range of 17388.15---17387.15---17382--17354.05 on the closing basis may jeopardize the on-going uptrend, sustained break below 17298 may deepen the correction and finally break below 17100 may accelerate the fall.   

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily chart and few indicators on the weekly chart also it is also making higher top & bottom on the line and the bar chart which is a very positive sign. Therefore the up move is likely to continue with in between correction till it breaks the key levels as mentioned above. In view of the above paragraph it is suggested to avoid long trade below 17785 for the day. Please note that it is still a buy on dip market as of now till it signals otherwise.

In view of the above observation long trade can be tried if it moves above 17966 and maintains for some time with a stop loss of 17900 or can try buy on decline near  or within the range of  17797--785 but not below it  with a stop loss of 17750. Although it is in the uptrend but short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 18090---18115 but not above it with a stop loss of 18160 or sell if it moves below 17750 with a stop loss of 17810. Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short, medium and long term trend is positive as of now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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 are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

Mobile—8240951127/9831313654.

 

 

 

A TECHNICAL VIEW ON CNX-NIFTY FOR—17.8.2022

 

CNX-NIFTY

 Open—17659.65--High—17724.65—Low—17597.85---Close-17698.20 on 16.8.2022.

Support:17797/17794.60/17639.50/17490.70/17387.15/17382/17354.05/17298/17140/17003/16995/16894/16891.70/16888.70/16824.70/16793.85/16752.40/16701.95/16695/16627/16588/16565/16541/16490/16472/16410.20/16376.05/16275.50/16203.25/16172.60/16162.55/16133.57/15991/15986.42/15962.25/15914/15895/15775/15735.75/15671.45/15632.72/15578.55/15566/15513.45/15511.05/15450.90/15431.75/15367.50/15183.40.   

Resistance:17920/17947.55/18112.60/18114.65/18210.15/18342.05/18350.95/18604.45.

 (Bold and underlined figures are most important)

It opened with an up gap and went up further and finally ended the day near the high of the day with a gain of 127.10 points. But please note that it has been rising for the last 6 days, so it is vulnerable for correction also, so be watchful. Furthermore the gap it created today and on 11.8.2022 is still there and if it makes an effort to fill the gap in next 3-4 and 1-2 trading session for respective gap which is technically possible then it can come down to 17724 &17566 levels, but if it does not fill the gap in stipulated time then chances of filling the gap will recede.  It is exhibiting good strength and most importantly it has given upside breakout from its major down trend line today which is hugely positive sign and it has opened the big upside range for it. But to sustain the breakout it has to maintain and close above the range of 17798—17785(range will scale down every day) for the day and close below 17770(figure will scale down every day) for the day will push it below the down trend line again. Therefore 17770 is the benchmark figure for the day and close below this mark may trigger down slide which please note. It is on a strong technical footing now therefore, it is likely to continue the up move with intermittent down correction. Moving up from here its key resistance points would be at 17920---18114.65---18350.95---18604.45 but in between it could face other resistance points too, please note market could correct from any of these points or earlier also and then may resume the up move again. It is important to mention here that if it moves above 17920 and sustain on the closing basis then it could retest its all time high of 18604.45 or may go beyond it also which please note. Similarly moving down its key support points would be at 17797---17508.62(this figure will scale up if it moves above 17839.10) ---17387.15---17382---17354.05---17298---17212.35---17172.80----17158.25----17100. Please note that break below 17508.62 will push it into very short correction mode, sustained break below the range of 17388.15---17387.15---17382--17354.05 on the closing basis may jeopardize the on-going uptrend, sustained break below 17212.35 may deepen the correction and finally break below 17100 may accelerate the fall.   

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily chart and few indicators on the weekly chart also it is also making higher top & bottom on the line and the bar chart which is a very positive sign. Therefore the up move is likely to continue with in between correction till it breaks the key levels as mentioned above. In view of the above paragraph it is suggested to avoid long trade below 17770 for the day. Please note that it is still a buy on dip market as of now till it signals otherwise.

In view of the above observation long trade can be tried if it moves above 17840 and maintains for some time with a stop loss of 17760 or can try buy on decline near  or within the range of  17798--785 but not below it  with a stop loss of 17760. Although it is in the uptrend but short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 17900---17920 but not above it with a stop loss of 17960 or sell if it moves below 17760 with a stop loss of 17830. Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short, medium and long term trend is positive as of now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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 are of spot market. 

m for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

 

TECHNICAL VIEW ON CNX-BANK NIFTY FOR—17.8.2022

 

 CNX-BANK NIFTY

Open—39284---High—39444.60---Low—39119.90---Close—39239.65 on 16.8.2022.

Support:39197/39117.15/38855.55/38765.55/38426.65/38377.35/38134/38112.75/37988.60/37708.75/37581.05/37471/37238/36993/36876.35/36718.80/36651.85/36497.35/36375.35/36332/36083.70/35985.25/35926/35810.90/35762/35585.20/35543.10/35511/35481.70.

 

Resistance:39424.85/39546.50/39895/40160.20/41367.25/41829.60.

(Bold and underlined figures are most important).

It opened with an up gap which and went up further and finally ended the day with a gain of 197.35 points. But please note that it has been rising for the last 6 days, so it is vulnerable for correction also, so be watchful. Furthermore the gap it created today and on 11.8.2022 is still there and if it makes an effort to fill the gap in next 3-4 and 1-2 trading session for respective gap which is technically possible then it can come down to 39088 & 38402 levels, but if it does not fill the gap in stipulated time then chances of filling the gap will recede.  It is exhibiting robust strength and on a very strong technical footing therefore, it is likely to continue the up move with intermittent down correction. Moving up from here the key resistance points would be at 39424.85---39547---39895---40160.20---41367.25—41829.60 but in between it could face other small resistance points too, please note that market could correct from any of these points or earlier  and then may resume the up move again after correction. Please note that if it moves above 39895 and sustain on the closing basis then it could retest its all time high of 41829.60 or may go beyond it also, so moving up 39895 would be the most critical resistance point. Similarly moving down its key support points would be at 38690.35(this figure will scale up if it crosses its today’s high of 39444.60) ---38134---37756.24---37755.55---37754.65----37594.15---37491---36993---36830---36640. Please note that break below 38418.60 could push it into very short correction mode, sustained break below the range of 37756.24---37755.55---37754.65----37594.15---37491 on the closing basis may jeopardize the on-going uptrend; sustained break below 37491 may deepen the correction further.

The overall technical setup looks good as of now, furthermore some important technical indicators are positive on the daily chart and few indicators on the weekly chart also it is also making higher top & bottom on the line and the bar chart which is a very positive sign. Therefore up move is likely to continue with in between down correction till it breaks the key levels as mentioned above. In view of the above paragraph for safe traders it is suggested to avoid long trade below 38690 but highly aggressive traders can still try long trade near or within its second and last support range of 37755.55---37754.65----37594.15---37491—37484.50 ,but it may prove risky below 37755.55 & 37754.65 which please note. Please note that it is still a buy on dip market as of now till it signals otherwise.

In view of the above observation long trade can be tried if it moves above  39285 and maintain for some time with a stop loss of 39025 or can buy on decline  at appropriate points or near 38690 but not below it with a stop loss of 38550. But aggressive traders can also try buy on decline near 37755.55---37754.65 but not below it with a stop loss 37470. Please note that long trade below 38690 could be a risky bet for the day. Although it is in the uptrend but in correction mode now therefore short trade can also be attempted after a reasonable rise or on the price breakdown for intraday corrective gains. Sell on the rise near or within the range of 39570--39650 with a short stop loss of 39750 or sell if it moves below 38550 with a stop loss of 38700. Since it is in uptrend short trade could be a risky bet but worth trying at this juncture. The short, medium and long term trend is positive as of now.

NOTE: - If it opens up with huge gap up then wait for it to settle down before initiating long position, but short trade can be attempted on huge gap up if it is near the selling point and vice versa . Since, it is showing volatility so any type of trade should be squared off during the day, if you don’t have reasonable profit margin in the trade. Day squaring off is strongly suggested in any case.

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 are of spot market.

Contact me for strategic guidance to enter and exit trade.

Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.

 

 

A TECHNICAL UPDATE ON CRUDE OIL LIGHT (NYMEX) –14.8.2022

 

CRUDE OIL LIGHT (NYMEX)

Open---$99.41---High---$100.34---Low---$96.97---Close---$97.92---on 12.8.2022.

Support: $96.95/96.74/94.52/93.64/92.79/89.93/87.79/86.09/84.22/80.25/79.08/78.05/77.06.

Resistance: $99.26/100.34/101.31/102.30/105.45/106.50/107.59/109.09/111.56/112.50/114.94/116.22/120.80/121.20/123.75/125.16/127.02/128.40/133.09/135.14/139.32/146.69/147.50

(Bold and underlined figures are most important)

It is into deep correction mode now and may correct further from here. Please note that to come back on the steady uptrend track again it has to move above its critical points of $102.30---105.45---107.50---114.94---121.20 if it moves above $102.30 and sustain on the closing basis the it will indicate that it could move up further , sustained close above  $105.45 & 107.50 will provide it good strength and will enhance the chances of moving up further and finally if it moves above $121.20 on the closing basis and sustains then it could re-test its all time high of $147.50 or may go beyond it also. Similarly sustained break below $96 on the closing basis will jeopardize its long term uptrend and may drag it down further to the lower levels.

REMARKS: -- The overall technical setup for short, medium and long term looks weak as of now.    

NOTE: - It is a technical assessment as of now, the technical interpretation changes with the price movement and time; therefore it needs periodic updating, which may please be noted.

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 are of spot market.

Contact me for strategic guidance to enter and exit trade.

 Thanks 

Narendra Kumar Surana

suranank@gmail.com

Mobile—8240951127/9831313654.