Currencies
Monday, June 10, 2013
Rupee
TRAIL IT TILL REVERSES:
Rupee closed @$58.15 levels on 10.06.2013. It has achieved short term targets levels of $57.32 as expected earlier on 23.05.2013. It’s closed at all time high levels.It’s showing sign of extension on Upside in short term.
Rupee will become now case study in Technical Analysis book as a recent example of “Real Triangle breakout”. One will always remember it for its wild move after breakout on Upside. It has run up quite significantly in very short period (around 5 % just in 15 days of time so far). Its lesson to learn that Confirmed Triangle breakouts moves at either of side like Rocket. (Its destiny is always not halting before achieving targets).
Both short term & medium term view for Rupee still remains positive. It’s going to depreciate in short to medium term. The best strategy is to Trail it till reverses for both short to medium term perspective.
Short term trend remains UP till it trades above $56.82 levels for the further higher levels targets of $59-$59.50 (i.e. - Upper end) as per chart attached, break of this trend line on upside will further confirm higher levels targets in medium term.
One should Trail SL level to $55.38 for the target of $63 in medium term.
Rupee will become now case study in Technical Analysis book as a recent example of “Real Triangle breakout”. One will always remember it for its wild move after breakout on Upside. It has run up quite significantly in very short period (around 5 % just in 15 days of time so far). Its lesson to learn that Confirmed Triangle breakouts moves at either of side like Rocket. (Its destiny is always not halting before achieving targets).
Both short term & medium term view for Rupee still remains positive. It’s going to depreciate in short to medium term. The best strategy is to Trail it till reverses for both short to medium term perspective.
Short term trend remains UP till it trades above $56.82 levels for the further higher levels targets of $59-$59.50 (i.e. - Upper end) as per chart attached, break of this trend line on upside will further confirm higher levels targets in medium term.
One should Trail SL level to $55.38 for the target of $63 in medium term.
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