Currencies
Wednesday, June 19, 2013
Rupee
RUPEE: TRAIL IT TILL REVERSES-II:
(Short term Target Achieved):
At Crucial Resistance levels:
Rupee closed at $58.83 on 18.06.2013. It has achieved short term target as expected. It made a high of $58.98 levels i.e. very close to short term targets levels of $59 to $59.40 range as expected earlier on 10.06.2013.
It has strong resistance around $59-$59.40 range as per chart attached. One should look its behavior around these levels. Sustain above it will only further confirm higher level target of $ 60 in short term & $62 to $63 in medium term. Failed to sustain above these levels, will lead to short term correction (Profit booking) or consolidation (Side ways Trend) in short term.
Although it’s pre-emptive but today’s daily negative close at ($58.70) is an early indication of Halt in Short term trend from wave count perspective.
But the best strategy is to Trail it till reverses for both Short to medium term perspective. In that case, One should Trail Short term trend with further revised SL-$57.39 levels.
One should Trail SL level to $55.65 levels from medium term perspective.
(Short term Target Achieved):
At Crucial Resistance levels:
It has strong resistance around $59-$59.40 range as per chart attached. One should look its behavior around these levels. Sustain above it will only further confirm higher level target of $ 60 in short term & $62 to $63 in medium term. Failed to sustain above these levels, will lead to short term correction (Profit booking) or consolidation (Side ways Trend) in short term.
Although it’s pre-emptive but today’s daily negative close at ($58.70) is an early indication of Halt in Short term trend from wave count perspective.
But the best strategy is to Trail it till reverses for both Short to medium term perspective. In that case, One should Trail Short term trend with further revised SL-$57.39 levels.
One should Trail SL level to $55.65 levels from medium term perspective.
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