Currencies
Tuesday, September 25, 2012
Rupee
RUPEE: (SITTING ON FENCE)- Outlook - Bearish
EITHER $49 or $59:
Rupee closed @$53.43. It has achieved short term targets levels ($53) as expected. It made a low of $53.05 on 24/09/2012. There are 3 Possibilities as per chart attached for Rupee at current levels.
2 are bearish Possibilities in which case Rupee can go till $49 in medium term.
& 1 is Bullish Possibility in which case Rupee can go till $59 in medium term.
Short term remains down till Rupee trades below $54.50-$55. It has strong resistance around these levels. Break & sustain below $53 will finally confirm Lower levels targets of $52 in immediate short term & further below till $49 in medium term as per bearish Possibilities. Daily & weekly KST Momentum indicators both are in sell indicating short term weakness.
$53 is very crucial support or reversal levels for Medium term UP Trend, below which Medium term will reverse.
Although By looking at charts, my preferred Option is bearish. It looks like Rupee will appreciate in short to medium term from current levels. Risk reward is favorable to sell at current levels or at every rise till short term reverses for lower levels targets.
$ 56 is crucial resistance to watch out for medium term perspective.
EITHER $49 or $59:
2 are bearish Possibilities in which case Rupee can go till $49 in medium term.
& 1 is Bullish Possibility in which case Rupee can go till $59 in medium term.
Short term remains down till Rupee trades below $54.50-$55. It has strong resistance around these levels. Break & sustain below $53 will finally confirm Lower levels targets of $52 in immediate short term & further below till $49 in medium term as per bearish Possibilities. Daily & weekly KST Momentum indicators both are in sell indicating short term weakness.
$53 is very crucial support or reversal levels for Medium term UP Trend, below which Medium term will reverse.
Although By looking at charts, my preferred Option is bearish. It looks like Rupee will appreciate in short to medium term from current levels. Risk reward is favorable to sell at current levels or at every rise till short term reverses for lower levels targets.
$ 56 is crucial resistance to watch out for medium term perspective.
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