Crude oil failed to cross the resistance @100.73

Outlook: Crude oil failed to cross the resistance @100.73 formed by the evening star on daily charts. RSI levels are turning U direction and are indicating that strength is lacking.
Crude oil after turning down from 100.14 made a lower high which indicates bearish nature of crude oil in near term. Probably levels of 97.10 will be again tested and if that is broken, 95levels could easily seen. Our sense is that Crude oils has been stuck in range with upper band of 101 and lower band of 95.
Major signals will only be created if it moves out of this range.

Crude oil failed to cross resistance of 100.73 !

 
Conclusion: Swift traders can take short positions in crude with a stop at 100.8 and target of 97.20 at the current levels(99.3).

Nifty is headed for a pullback rally--Follow up

On 25 Nov, we advised traders to go long on nifty, those who have taken action must maintain their long position with trailing stop at 4780.
Next resistance for the nifty is 4880,if that is surpassed then 4920,4950 and 5000 levels could be seen. But post 5050 seems to be unlikely as of now. We need to watch out where nifty loses its strength to initiate fresh short positions. But as of now, we should only watch our long positions.

Happy profits!!

Nifty is headed for a pullback rally

 Short term Outlook: 
Nifty is quite oversold for now after a vertical fall from 5300 to 4650.
It is now trading above its trendline of fall from 5229 to 4650.
RSi level on M30 charts is trading above its 20period MA. It seems that nifty is ready for a pullback and could touch 4850 its previous high on H1 charts or 4900(which is 38.2% level of its fall).

Nifty oversold and seeking a pullback

So short term signal for nifty is buy with a target of 4850 at current levels with a stop at 4700.

Crude oil holding its support $95!!!

For the last 3days Crude oil has been holding its support $95 and trading above this level, an important Fibonacci level of fall from 115 to 75$. Untill this level is broken, we will assume uptrend to be continued in crude oil for short term.
95 level had acted as a important support level in the past also for 3 times as shown in the chart.

Crude oil holding its support @95

So we will be watching this 95 level closely, if broken shorting could be then done in this counter.

Till then trade should be on long side, since TA believes that "Trend is your friend until its proven wrong".
Stop loss for long trades should be placed just below 95$. If that is broken reversal trade direction would not be a bad idea.

Happy trading!!

EUR/USD breaks its support 1.3480 !!

Technical Analysis of EUR/USD:
EUR/USD yesterday broke its support 1.3480 decisively and today trading well below it. You might be thinking why 1.3480 level was important?? Because it was a imp Fibonacci 50% level of upside from 2009low to 2010high.
Yes, obviously just because one Fibonacci level is broken that doesn't mean it will go in downtrend. But the fact that it had broken weekly trendline on 4th sept2011, fell to 1.3150 level and come back to 1.4250 just to touch the broken trendline gives us the conviction that the correction is over now and the downtrend has been resumed from thereon.
Possibly after pullback rally to 1.3450 it should retest 1.3150 levels and if that is broken, 1.2900 levels could be seen. Besides,confirmation from indicators like RSI broke its trendline, MA crossover and signal below MA add to our bearish view.

EUR/USD heading for new lows???

So traders should look shorting opportunities in EUR/USD at arround 1.3400-3450 levels with stop at 1.3490 with a target of 1.3200. Positional traders can short at current levels with stop at 1.3500 with a target of 1.3150-1.2900.

*Disclaimer: Technical analysis is not 100% accurate. We will not be responsible for financial loss to our readers.

Is 4400 level of Nifty underway ?

Traders be cautious !! Nifty is trading below 4700 level !! we need to watch out if gives closing below 4700, if that happens 4530 would be the next level where it should find support.
But my sense is that Nifty is very much oversold now and 4650 should act as a good support for the time being(1-2days).

Traders should wait for a pullback before short selling nifty. 4850 would be a good point for short selling and 4920 should be the stop loss (which is a recent high).

USD/CAD resistance breakout !

23Nov2011 USD/CAD outlook: USD/CAD has given a breakout on upside by overcoming the resistance at 1.0375 level as which was imp Fib level of decline from 1.0657 to .9894.

USD/CAD heading for new highs??

USD/CAD for the last 3 days has been continuously trading above the trendline as shown in the chart picture.
We believe that the rally from low 0.9405 has been resumed from the 0.9894 levels marking a intermediate bottom there.
On a broader picture, an uptrend from .9405 levels is correction of the fall from 1.2900 levels to 0.9405 levels.
As long as .9724 level holds it has the chance to goto 1.0670 levels again. From there it could encounter resistance, 1.0700 should prevent current upside rally.

Conclusion:
In view of above we are looking for buying USD/CAD at arround 1.0350 levels at 1.0295 with potential target of  1.0500.

*Disclaimer: Trading involves substantial risk. we won't be responsible for any financial loss to our readers.