Currencies

Wednesday, August 01, 2012

Rupee

RUPEE: (STUCK IN RANGE)-BULLISH

RUPEE closed @$55.55 on 31/07/2012. It stuck in range of $56.45 to $54 from last one month. It trading in channel in both short term & medium term as per chart attached. It has strong support around $54 (i.e. - Short term & Medium term reversal); breakout from this range will finally confirm Trend with momentum at either of side.

Monthly KST (Momentum Indicators) is in BUY & it’s also trading above 20WESM, which supports UP Trend till it reverses price wise. One should Buy & Trail Long with SL-$54 for immediate short term target of $57.20.

Indian Rupee Exchange Rate

Currency Exchange Rate

Disclaimer

The views expressed are based purely on Technical studies. The calls made herein are for information purpose only. The information and views presented here are prepared by Devang Shah . The information contained herein is based on my analysis of the Charts. I, however, do not vouch for the accuracy or the completeness thereof. This material is for personal information and I am not responsible for any loss incurred based upon it. The Investment discussed & recommended on this website may not be suitable for all. Investors must make their own investment decisions based on their specific investment objectives and financial position and using such independent Views, as they believe necessary.
While acting upon any information or analysis mentioned on this website, investors may please note that neither Devang Shah nor any person connected with him accepts any liability arising from the use of this information and views mentioned herein. I may hold long or short positions in the securities/commodities discussed herein from time to time. Neither the information nor any opinion expressed herein constitutes an offer or an invitation to make an offer, to buy or sell any securities/commodities, or any options, futures or other derivatives related to such securities/commodities.

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