vipulmehta817

vipulmehta817

Lone red candle with big gap and high volume on the weekly chart. Topping signs? Watch out for gap fill in the coming weeks. If the gap is filled, path of least resistance is back to previous Support/Resistance zone.

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The price of NSE: BALKRISIND did breakout from previous all time high and resistance zone with a gap. This could possibly be a breakaway gap with high volume. The gap was tested this week and bulls held the breakout. Looks like decent chances of continuation from here.

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Dow Jones index futures has completed head & shoulders bottom formation and is exhibiting a breakout from the resistance zone on the 4h time frame. If the breakout is successful, we can expect the price to hit the previous support/resistance zone of 34800.

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Nifty FMCG/Nifty Relative Strength chart is exhibiting bullish push at the 200DMA. The price action on the relative strength chart looks bullish and we can expect bullish push from here toward the resistance zones marked.

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The weekly chart of Japanese stock market index Nikkei 225 is exhibiting possible breakout, retracement continuation at old resistance turned support zone. Will this be the decisive move the Japanese stock market bulls are looking for?

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Nifty 50 Equal Weight index to Nifty 50 index relative strength (NIFTY50EQUALWEIGHT/NIFTY) chart seems to have broken out of an ascending triangle type consolidation on the weekly time scale. The price action on the relative strength chart has broken out of the consolidation and has completed the retracement on the support/resistance zone. Will we see a...

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Japanese index Nikkei 225 (NI225) is in a nice bull run since Uncle Warren loaded up on the cheap Japanese equities. The index made a top at 33770 and has been consolidating since then for the last few weeks. Recently the index made a triple bounce at the 50 day simple moving average with the last push happening on the day of the BoJ MPC meeting decision. The...

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The price of the stock L&T (NSE: LT) is has broken out toward all time highs (ATH) on the day time scale. The price retraced toward previous high of 2420 and has exhibited a continuation. Bulls are strong in the ATH zone and buying the breakout is the most logical thing toward risk management level of 2420. Long-term target would be 2.618 Fibonacci extension of 3120.

vipulmehta817 Updated 

USDJPY did breakout from cup and handle formation at 138 zone. The price retraced toward the breakout zone and was hovering sideways for 8-10 trading sessions before finally pushing on the bullish side (on the US Dollar). The price seem to have completed the retracement after the breakout at 138 zone and looks ready to continue upward in the direction of the...

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The stock of CEAT Tyres (NSE: CEATLTD) is exhibiting bullish momentum and has crossed 2018 high of 2000 with a bang! The price action seems bullish and the path of least resistance is up toward the 1.618 Fibonacci extension target of 2900.

vipulmehta817 Updated 

Crude oil futures (CL) is exhibiting head and shoulders bottom formation on the 4h chart. The price has broken out of the neckline. It is best to wait for a retracement followed by continuation before initiating long positions. Measured move target: $78.20.

vipulmehta817 Updated 

US Dollar index (DXY) has broken out of its consolidation on the 4h chart. The breakout led to a retracement back to the resistance turned support and the price seems to now have exhibited the beginning of the continuation leg. We are long on DXY with immediate measured move target of 103.35. SL if the price goes below the SR zone of 102.20.

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Bajaj Auto (NSE Ticker: BAJAJ_AUTO) is forming two back to back bearish patterns on the hourly chart. First bearish pattern: Broadening formation Second bearish pattern: Head & Shoulders We see high probability of fall in price in the coming days toward measured move and 200SMA target of 4410.

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On the daily chart, Gold (XAUUSD) has formed a rising wedge which is a bearish pattern. This was followed by a sharp bear trap and a double rejection of the bulls at the consolidation zone. We are looking at a possible correction in the price of gold in the coming days toward 1982/1934 zones.

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VOLTAS weekly chart has exhibited a typical support turns resistance price behavior in the 920 zone. The stock took support in this zone in Apr'21 and again a couple of times in May'22. It finally left this zone toward the down side in Sep'22 only to bounce back against the 920 support zone six months later in Mar'23. However, this time the 920 zone has turned...

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Dow Jones Industrial Average (DJI) has formed Head and Shoulders bottoming pattern and has broken out of the H&S neckline resistance zone. We can expect a retracement back to the neckline and if buying strength continues, price can meet measured move target of 33300.

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VIX is hovering at 20 support. Do we see a rise in volatility from here? Further, will that be bearish for the equity markets? We shall soon find out!