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Nifty ready for Wave 3 and break to new high ?With positive global market performance, Nifty looks like it completed the wave 2 and to see a gap up tomorrow seems to very high, the rally tomorrow will be wave 3 if it breaks 10550 area and ultimately to complete the wave 5 towards 10600. Price is in a channel under a bigger channel, we have already tested the bigger channel support last week and now it is in the inner channel and succesful break out tommorw above 10550 will confirm the next leg up. If in case 10400 is broken to the downside then this set-up will be invalidated.
NSE:NIFTYLong
by rf16saun
6
EURINR Elliottwave: Looking for break of monthly trendlineTalking Points: Technical Strategy: Bearish Elliottwave Count: Either wave (C) continuation or B wave of (B). HTG Note: Larger outlook on weekly chart is showing weakness on long and short term. EURO vs Indian Rupee price is testing weekly trend line. Last time this line was tested on September, 2015 and post that we seen nice pullback towards 77.80 levels. We in HTG consider that was correction and marking as a wave (B). From 77.80, we were seen bear continuation and currently price is testing same weekly trenline. Break of this weekly trendline will be very bearish outlook for Euro. On alternate, if price is start trading higher, we are expecting to see price can go and above 82 levels before it's turn bearish again. Lower time frame, we are seen reaction near trend line support, however current price is trading in just correction and testing horizontal resistance on 70.15. We are expecting this zigzag correction should be over. To confirm, bear trend is back in force, we need to have channel breakout here @ 70 area. Post this breakout, we are able to mark correction over and can trade for lower target below 68 Action We initiated short position @ 1.77 with limited stoploss
Short
by Hittesh
BSE: CANBK: Correction is due and expected to complete at 276Talking Points: Technical Strategy: Hold and Buy lower Elliottwave Count: Correction HTG Note: Current price action on Canara Bank (BSE: CANBK) is trading bullish move. However, script was in correction after break on monthly trend line. All PSU bank showing correction in bullish move. We are expecting correction will be on flat correction and should be completed on 276-275 zone. Action We are on sideline after booked our loss with 1 rupee on 290 level. Team is looking for lower level, possibly 276 to re-initiate our longs with limited risk. -- By @hoagtrading (Hoagtrading.com) Disclaimer: The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Trading foreign exchange or stocks on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange or stock advise you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and stock trading and seek advice from an independent financial advisor if you have any doubts. Opinions expressed at Hoagtrading.com do not necessarily represent the trading advice of Hoagtrading.com or its management..Any opinions, news, research, analyses, prices or other information contained on this website, by HTG (Hoagtrading.com) provided as general market commentary and does not constitute investment advice. Hoagtrading.com (HTG) will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
BSE:CANBK
by Hittesh
GAIL is breaking correction and can target above 500Talking Point: Technical Strategy: Confirming it's bullish outlook Elliottwave View: Reversal confirmed and counting impulsive waves Analysis We were tracking GAIL from last few weeks and able to see breakout in coming days. Elliottwave perspective, this script is having impulsive bullish view on larger time frame which can be target above 600. However in shorter time frame, we are waiting to see triangle breakout which can atleast target above 460. Action We are long on this script from 425 with stoploss @ 410. Target will be 460-500. -- By Hoagtrading.com (Twitter: @hoagtrading)
BSE:GAILLong
by Hittesh
Nifty Forming Gravestone Doji - Indicating Change In TrendOn weekly Chart, it is been observed that there is a formation of Gravestone Doji candlestick that indicates bearishness. It forms in uptrend market to suggest change in trend. As showed in the chart, Nifty is been trending up forming new upside breakouts and waves for a while, it is been now observed with a Gravestone Doji, that indicates change in trend or "Party over for bulls" for a short time. Gravestone Doji : 1. Formed when opening and closing price are almost equal. 2. Long upper shadow suggests that buying pressure was countered by high selling pressure, rejecting higher prices 3. This candles indicates turning point of a trend, known as bearish reversal candlestick In all, bulls pressure to take prices up has been completely rejected by sellers waited at resistance, indicating change in trend.
NSE:NIFTYShort
by NeeteshJain