Currencies
Thursday, September 06, 2012
Rupee
RUPEE: ( Breaking out of range): Bullish
Rupee closed @55.90 as on 05/09/2012. It finally managed to give upward breakout from a long consoldated triangle pattern ( as per chart attached) of last around 9-10 weeks as expected. Mometum indicators also came in to BUY.
One can BUY at current levels with SL-$55 for tgt of $57.10-$57.30 in immidiate short term. Medium term is already UP as mentioned earlier for higher levels targets $62 to $64 as per chart attached till its above $54. It has strong support around these levels.
It has strong resistance @$57.32 ( all time high levels), sustain above it will further confirm Trend towards medium term targets.
Risk reward is very much favourable to go long at curent levels both for short to medium term percepective.
One can BUY at current levels with SL-$55 for tgt of $57.10-$57.30 in immidiate short term. Medium term is already UP as mentioned earlier for higher levels targets $62 to $64 as per chart attached till its above $54. It has strong support around these levels.
It has strong resistance @$57.32 ( all time high levels), sustain above it will further confirm Trend towards medium term targets.
Risk reward is very much favourable to go long at curent levels both for short to medium term percepective.
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