The Reliable "Reliance Twins" - MultibaggersYou can see the Monthly charts of "Reliance Power" compared against "Reliance Infra". I am not calling them "Twins" just because its from same "Reliance Group"
But I was flabbergasted to see the Exact Chart Structure - from Similar Timelines. Channel Breakdown - Recovery - Trading inside the Channel and now finally Breakout of Multiyear channel.
Amazing Duo - Xerox copy of each other and both forming Multi-bagger Bullish Structures now...
Reliance Power Targets - 37, 45
Reliance Infra Targets - 300, 360, 450
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Duplicates
NZDCHF BULLISH CONTINUATION FROM KEY LEVELNZDCHF is very bullish from the beginning of October.
Setting a new high last week the price retraced to a key level.
Retesting key support the price started to grow.
Bulls managed to violate a falling wedge pattern, and duplicate the bullish breakout.
Expect new wave upward to the key resistance level.
The bias for the NZD remains firmly titled to the upside, and as rates keeps rising
Also note that the RBNZ delivered on expectations to raise the OCR to 0.50%. As the hike was already fully priced, the lack of new hawkish tones we saw a textbook buy-the-rumour-sell-the-fact reaction in the NZD pushing lower.
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ORBEX: EURAUD - Are We Going To See A ZigZag Duplication?It looks like we are on a bear flag correction with the potential moving down increasing following the minuette zig-zag ( (a)(b)(c) ) appttern. The correction down to 1.618% FE validates this pattern.
The flag structure hints to a duplication of the first corrective leg down as it is dominant, which places the intermediate target for EURAUD near 1.55
It is likely that after a successful bearish breakout the currency pair slides towards the 61.8% FR near 1.59 first, and then slip lower between 78.6-88.6% FR levels.
This scenario could lead to lower lows forming a new low for intermediate wave 2.
Note that bears could start pushing lower at any point, or, alternatively, they could let market move higher for one last upside leg before pushing down!
This opportunity would be invalidated above 1.65 or so, or the intersection between price, time and the top trendline of the bear flag.
Stavros Tousios
Head of Investment Research
Orbex