Currencies
Tuesday, May 10, 2011
Rupee
RUPEE:
RUPEE:
Can it be bottom triangle in last leg of fall?? or TRIPLE BOTTOM?? or Ending digonal??
It closed @$44.68 levels on 09/05/2011.Its holded very well above triangle breakout levels from last 3 trading session as per chart attached.It can be trend reversal ( bottom triangle) in rupee. but still not able to conclude for final reversal in ruppee at this levels.
looking for further more confirmation for final reversal because its traded in very thin range of $43.80 ( lower end ) & $45.70-46 ( Upeer end) from last couple of months..
Short term we can see pull back till $45-45.50 levels in rupee till its above triangle breakout levels.$43.80 is crucial support & Stop loss in short term, below which we can see confirmation for target of $41.70 in medium term.
Short term trend is UP till its above $44.
Further more confirmation for medium term reversals are as below:
$$45 to $45.20 is crucial resistance in short term, its also trend line breakout levels from top as per chart attached.
$45.50 is another confirmation levels i.e breakout from ending digonal levels & also triple bottom confirmaiton.
$45.60 (20 MEMA) is final reversal level in rupee.
Confimation of medium term reversal levels are coming around $45.50 only, will lead to trend towards $48-$49 in medium term.
One should watch it out these levels carefully in Rupee for Broder view..
Can it be bottom triangle in last leg of fall?? or TRIPLE BOTTOM?? or Ending digonal??
It closed @$44.68 levels on 09/05/2011.Its holded very well above triangle breakout levels from last 3 trading session as per chart attached.It can be trend reversal ( bottom triangle) in rupee. but still not able to conclude for final reversal in ruppee at this levels.
looking for further more confirmation for final reversal because its traded in very thin range of $43.80 ( lower end ) & $45.70-46 ( Upeer end) from last couple of months..
Short term we can see pull back till $45-45.50 levels in rupee till its above triangle breakout levels.$43.80 is crucial support & Stop loss in short term, below which we can see confirmation for target of $41.70 in medium term.
Short term trend is UP till its above $44.
Further more confirmation for medium term reversals are as below:
$$45 to $45.20 is crucial resistance in short term, its also trend line breakout levels from top as per chart attached.
$45.50 is another confirmation levels i.e breakout from ending digonal levels & also triple bottom confirmaiton.
$45.60 (20 MEMA) is final reversal level in rupee.
Confimation of medium term reversal levels are coming around $45.50 only, will lead to trend towards $48-$49 in medium term.
One should watch it out these levels carefully in Rupee for Broder view..
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