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Technical Analysis

State Bank of India (SBI) – Bullish Reversal Setup State Bank of India (SBI) – Bullish Reversal Setup with Inverse Head and Shoulders Pattern SBI is currently forming a classic Inverse Head and Shoulders pattern on the daily chart, a strong indication of a potential bullish reversal. The neckline, located at ₹826.45 , is the critical level to watch. A successful breakout above this level could trigger upward movement towards ₹880 and ₹911 , with volume confirmation needed to validate the move. Technical Highlights : Inverse Head and Shoulders Pattern: The formation of this pattern suggests a trend reversal from bearish to bullish. The price is consolidating just below the neckline at ₹826. A close above this could indicate further strength. Support and Resistance: Immediate resistance is at ₹826.45 , followed by targets at ₹880 and ₹911 . On the downside, the stock finds support at ₹790 and ₹762 , which could act as stop-loss zones. Volume Profile : High activity in the ₹790 - ₹826 range signals strong buying interest. A breakout above this range could push the stock into the next major volume zone around ₹880 . Moving Averages: The stock is trading above its 20-day, 50-day, and 100-day moving averages , confirming a bullish bias in the near term. RSI (Relative Strength Index) : RSI is neutral around 50, signaling consolidation. A push above 60 would confirm bullish momentum in line with a potential breakout. Outlook: Bullish Scenario : A breakout above ₹826 could open the door for a move toward ₹880 and ₹911. Traders should look for volume confirmation to ensure the breakout's sustainability. Bearish Scenario: Failure to break above ₹826 could lead to a pullback toward support at ₹790, with ₹762 being the next key level on the downside. SBI appears poised for a breakout, making it an attractive opportunity for traders looking for a bullish reversal setup.
NSE:SBINLong
by AngshumanSaikia
BANK NIFTY INTRADAY LEVELS FOR 03/10/2024BUY ABOVE - 53140 SL - 52970 TARGETS - 53290,53200,53700 SELL BELOW - 52800 SL - 52970 TARGETS - 52620,52400,52260 NO TRADE ZONE - 52800 to 53140 Previous Day High - 53180 Previous Day Low - 52800 Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day. Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move. Please NOTE: this levels are for intraday trading only. Disclaimer - All information on this page is for educational purposes only, we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made. Request your support and engagement by liking and commenting & follow to provide encouragement HAPPY TRADING 👍
NSE:BANKNIFTY
by Jagadheesh_JP
NIFTY INTRADAY LEVELS FOR 03/10/2024BUY ABOVE - 25860 SL - 25790 TARGETS - 25920,25980,26050 SELL BELOW - 25700 SL - 25790 TARGETS - 25610,25550,25490 NO TRADE ZONE - 25700 to 25860 Previous Day High - 25920 Previous Day Low - 25700 Based on price action major support & resistance's are here, the red lines acts as resistances, the green lines acts as supports. If the price breaks the support/resistance, it will move to the next support/resistance line. White lines indicates previous day high & low, high acts as a resistance & low acts as a support for next day. Trendlines are also significant to price action. If the price is above/below the trendlines, can expect an UP/DOWN with aggressive move. Please NOTE: this levels are for intraday trading only. Disclaimer - All information on this page is for educational purposes only, we are not SEBI Registered, Please consult a SEBI registered financial advisor for your financial matters before investing And taking any decision. We are not responsible for any profit/loss you made. Request your support and engagement by liking and commenting & follow to provide encouragement HAPPY TRADING 👍
NSE:NIFTY
by Jagadheesh_JP
Trading strategy !Hello, dear traders! In my view, the recent rally in gold is mainly due to expectations of lower US interest rates and the growing demand for safe havens amid geopolitical uncertainty. Currently, gold is trading around $2,660, down -0.14% on the day. However, I believe that the overall bullish trend remains intact. Looking at the 4-hour chart, I can see that XAUUSD is holding above the rising trendline and the 34.89 EMA. This reinforces the idea that gold prices could continue to rise. If gold breaks above the all-time high of $2,685, this could signal further upside momentum, targeting round numbers like $2,700 and even the psychological level of $2,750. What do you think about the trend of XAUUSD? Do you see more room for it to break higher? Let's discuss!
OANDA:XAUUSDLong
by Bentradegold
1
Gold price today is still supported to increase !Hello everyone! What do you expect from the gold price today, let's discuss today's strategy? Yesterday XAUUSD did not change much compared to yesterday's trading session, fluctuating around $2656, down 0.1% due to lack of new bullish momentum. Although it is under some short-term pressure due to the strength of the USD, the situation in the Middle East is gradually strengthening, promoting the demand for safe-haven gold. Besides, there is still positive potential for further appreciation of XAUUSD, as it is still in an unbroken upward channel. A break of $2660 will not see significant resistance until $2670. What do you think?
OANDA:XAUUSDLong
by Bentradegold
1
USDJPY: Strong recovery from 143.00Ben, hello everyone! Let's dive into today's USDJPY analysis with Ben! USDJPY is in an uptrend today, currently trading at 143.95, up 0.29% on the day. With USDJPY continuing to trade steadily at this positive level, the resistance level of 144.50 will be set as a short-term target, before potentially reacting and testing the price level of 143.00, forming a trend line and using it as strong support for further increases in the medium and long term. The current expected price levels are at the round level of 145.00 and 146.00 respectively and even the upper trend channel limit at 147.00. Wishing you all profitable trading!
Long
by Bentradegold
1
SPY Advanced Analysis by Deno Trading: What’s Next for the S&P 5Let’s dive into the SPY analysis across multiple timeframes, looking for key insights on where the market could be headed. I’ll break it down step by step so it’s easier to follow along. 30-Minute Chart Overview: Current Price Action: We’re sitting around $569, and what’s really interesting is that SPY has been consolidating after hitting a recent high of $570. The market is in a bit of a tug-of-war between bulls and bears, and we’re right at a pivotal level. Key Resistance: The $570 - $574 zone is a major resistance level. Every time we’ve tested it recently, we’ve seen the market pull back, indicating strong selling pressure. This zone is critical, and we’ll need to break above it with volume to see any further upside. Support: On the downside, the first level of support is around $565, followed by $561, which aligns with the 50-period moving average on the 30-minute chart. If the price breaks below this level, we could see further downside pressure. 4-Hour Chart Insights: Moving Average Support: On the 4-hour chart, we’re seeing strong support at $561, where the 50-period moving average has been acting as a floor for recent price action. As long as SPY holds this level, the bulls still have a chance to regain control. Potential Bullish Scenario: If the price holds $561 and pushes higher, a break above $574 could take us to new highs for the year, potentially testing levels above $580. Bearish Case: If we fail to hold $561, I’d expect a move down towards $552, where the next level of support lies. This level has acted as both resistance and support in the past, making it an important area to watch. Daily Chart Breakdown: Longer-Term Uptrend: The daily chart shows that SPY is still in a broader uptrend, holding above the 200-day moving average, currently sitting around $552. This level has provided a solid base throughout the year, so as long as we remain above it, the long-term trend remains bullish. Current Resistance: The $570 - $574 resistance zone is evident here as well. This level marks the highs from September, and breaking it would signal the market’s willingness to push towards $580 and beyond. Weekly Chart for Perspective: Larger Timeframe: The weekly chart tells a similar story. We’re hovering around $570, right at a major resistance level. The 50-week moving average, sitting around $512, is well below the current price, suggesting we still have a cushion before a significant breakdown would occur. What to Watch: If we break $574 on the weekly chart, we could see a massive bullish continuation. However, failure to break this level could lead to a bigger pullback to $550 or even $530 in the weeks ahead. Conclusion & What I’m Watching: Bullish Breakout Scenario: If SPY breaks above $574 with strong volume, we could see a rally towards $580 or higher. This would confirm that buyers are back in control. Bearish Rejection Scenario: On the flip side, failure to break this resistance could lead to a pullback towards $561 or even $552. If we break below those levels, the bearish case strengthens, and we could see further downside. Final Thoughts: Right now, we’re at a pivotal point. The next few trading sessions will determine whether we’re gearing up for a breakout or a more significant pullback. I’m watching the $570 - $574 level closely for signs of either bullish continuation or rejection.
AMEX:SPY
by Deno_Trading
USDJPY: Important Support & Resistance Levels 🇺🇸🇯🇵 Here is my latest structure analysis and important support and resistance levels to pay close attention to on USDJPY. Resistance 1: 146.50 - 147.35 area Resistance 2: 149.30 - 149.40 area Support 1: 141.64 - 142.20 area Support 2: 139.60 - 140.60 area From a current perspective, probabilities are high that the pair will continue growing, at least to Resistance 1. After its test, consider that for pullback/breakout trading. ❤️Please, support my work with like, thank you!❤️
Long
by VasilyTrader
1
DreamAnalysis | US30 On the Edge Don’t Miss These Key Levels!✨ Today’s Focus: A Critical Asset in the Market – US30 (Dow Jones) We’re diving into its recent price action and breaking down what might come next, based on key market levels. 📊 Current Market Overview: After a strong expansion upward, marking the Previous Month High (PMH), US30 is now gradually retracing lower. The price has formed Equal Highs (EQH) on the buy side and sits near the Previous Week Low (PWL) on the sell side. Let’s explore how these levels shape both bullish and bearish scenarios. 🕓 Key Levels to Watch: Here are the crucial zones we’re monitoring: - PMH: Previous Month High - PML: Previous Month Low - PWH: Previous Week High - PWL: Previous Week Low - BSL: Buy-Side Liquidity - SSL: Sell-Side Liquidity - Daily FVG: Daily Fair Value Gap (imbalance zone) These levels represent key areas where price might accumulate liquidity or retrace for order collection. Fair Value Gaps (FVGs) are potential zones for the market to rebalance before continuing its trend. 📈 Bullish Scenario: To confirm a bullish bias and seek long positions, we need to see Sell-Side Liquidity cleared. The nearest target is the Previous Week Low (PWL), a critical SSL level. Once price dips below it, we can look for entries on lower timeframes (LTF) and target the Buy-Side Liquidity (BSL). 📉 Bearish Scenario: For a bearish play, we’re watching the Equal Highs (EQH) on the buy side. If the price takes these out, we’ll look for lower-timeframe entry models and aim to target Sell-Side Liquidity (SSL). 📝 Conclusion: As always, adaptability is key. Keep an eye on these critical levels to refine your strategy and identify potential opportunities. 🔮 Looking Ahead: Stay tuned for updates as we track NASDAQ, DXY, EUR/USD, and other major currency pairs. Expect timely insights as market trends develop. ⚠️ Disclaimer: This is for educational purposes only and not financial advice. Always conduct your own research and consult a licensed financial advisor before making investment decisions.
CAPITALCOM:US30
by DreamAnalysis
Analysis of GBP/CAD: Price Falls Below 1.800 LevelAnalysis of GBP/CAD: Price Falls Below 1.800 Level In the first nine months of 2024, the GBP/CAD exchange rate rose by over 7%, surpassing the significant 1.800 level. The last time GBP/CAD remained consistently above this level was back in 2016, but it later dropped below. Since then, bulls have made two attempts to push the price above 1.800: in 2018 and again in 2020 (during the coronavirus panic) – both of which failed. A third attempt occurred when GBP/CAD climbed above 1.800 in September 2024, but yesterday’s large bearish candles (marked with an arrow) suggest that this attempt to stay above 1.800 may also fail. Yesterday’s decline in GBP/CAD was driven by a combination of factors, including: → A rise in oil prices, which strengthens the Canadian dollar as Canada is a major exporter of oil; → A slowdown in manufacturing activity in the UK during September, as reported by Reuters. Technical analysis of the GBP/CAD chart shows the price is moving within an ascending channel (marked in blue), which has remained relevant since the start of 2024. Support levels for the price could be → The 1.78500 level (which acted as resistance from mid-July before being broken in September); → The median line of the ascending channel; → The orange trendline. However, it is possible that these support levels may not be strong enough to ensure that GBP/CAD can consistently hold above the 1.800 level, which has historically acted as key resistance. This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
by FXOpen
XAU/USD: Ready for a Strong Breakout?The XAU/USD chart is painting a promising picture as gold prices hover around $2,660.630. With solid support from the EMA 34 ($2,648.177) and EMA 89 ($2,613.679), buyers currently hold the advantage in maintaining the upward momentum. All eyes are now on the key resistance level at $2,687.072. If buyers manage to push the price above this mark, gold is likely to continue its rally, reaching new highs and offering significant opportunities for traders. However, the market remains highly sensitive to economic news from the U.S., especially the upcoming moves by the Fed. These factors could have a strong impact and dictate the future direction of gold prices. Will gold overcome the resistance and break higher, or will it turn back and correct? The next moves are eagerly anticipated!
OANDA:XAUUSDLong
by Zola_Hello
Technical Analysis is NOT What the Majority Thinks It Is One of my favourite activities during my free time is sitting on the sofa and finding analyses on TradingView that resemble the one portrayed on the left-hand side of the illustration. My goal is to try deciphering what a given author is trying to convey to us, the audience. As you know, the more noise there is on the charts, the blurrier the picture becomes. The blurrier the picture, the more there is room for curiosity and discovery. Over the years, I’ve become more convinced that less is more and that you don’t need to clutter your charts with an abundance of instruments while conducting a technical orchestration. In fact, most people have false expectations regarding how proper technical analysis should be conducted. Many think TA is all about lines and boxes when, in reality, it’s about understanding price behaviour and making educated guesses with pre-calculated risk. Therefore, the aim of this brief educational article is to contrast two types of traders – let’s call them Average Joe and Experienced Joe – and provide professional insights into how technical analysis really functions and should be practiced. Let’s start by scrutinising the scenario on the left. The author has identified some critical regions, drawn a few lines, and highlighted a Fibonacci retracement level of importance. Then, they sketched a game plan using arrows to indicate how the price might behave next. What’s wrong with this approach? In short, everything. The longer answer: there’s a lack of necessary technical interpretation combined with unnecessary efforts. Although some analytical tools are present, they don’t offer any depth in terms of what the price behaviour might be orchestrating. Nor do most of these instruments serve any purpose when applied in a scattered manner. Now, let’s analyse what Experienced Joe – the trader behind the right-hand side of the screen – has put together. He has identified key regions and utilised a few tools for mapping purposes. However, his primary focus is understanding price behaviour by interpreting movements on the weekly-timeframe chart. Since he has traded the same handful of financial securities for years, he is experienced in reading charts like a book and grasping the logic behind price action. After understanding what’s unfolding, the trader finalises his game plan and executes positions. Comparing the two traders, we can see a significant difference between using technical instruments in abundance without comprehension, and using them in moderation with the real goal of understanding price behaviour.
With that said, here is a 3-step guide on how to properly utilise technical analysis when studying a financial instrument and entering trade positions: Step #1 - Read the chart like a book. Where is the price potentially headed? What has been happening recently? What economic event caused the massive candle spike? Does it look like the price is correcting a recent impulse? Take a glance at the graph and try to understand the overall situation. Step #2 - Highlight key zones and sketch a game plan. This is a crucial level that the price has respected for a significant amount of time.
Here, the price printed a liquidity grab, so I’ll mark that.
The price is forming a reversal bottom, so I’m preparing to go long from here.
The 0.84 region looks like a solid initial target. Sketch a preliminary game plan based on your analysis and focus on execution. Step #3 - Execute a trade position at pre-calculated risk (usually, 1-2%). Set your entry. Place your Stop Loss. Execute the trade. In conclusion, technical analysis is not just about drawing some lines and shapes. It’s time to change the stereotype and emphasise the real utility of technical analysis. After all, trading without trying to understand price dynamics—especially if you are a technical trader—is like blindly memorising driving rules without understanding their purpose. Of course, there’s no secret recipe that works 100% of the time, including technical analysis. However, by sticking to a consistent approach and being patient, we can aim toward achieving long-term profitability.
CRYPTO:BTCUSDEducation
by Investroy
DreamAnalysis | SOL Analysis: Key Triggers for Futures TradingWelcome to today’s analysis. I will be analyzing Solana (SOL) for futures trading. The analysis will cover daily and 4-hour timeframes, focusing on identifying suitable entry and exit triggers. Daily Timeframe Overview In the daily timeframe, after a sharp upward move with strong momentum, SOL hit the $202 resistance zone, initiating a correction phase that has lasted for about 200 days. During this period, the coin has been consolidating between the $125 and $202 levels. Volume Decline and Key Resistance The trading volume has been gradually decreasing, and currently, the price is below the $161 resistance. After testing this resistance three times, SOL has yet to establish itself above this level. A breakout above $161 could serve as a good long trigger, with the first target being the next resistance at $187. voiding Moving Averages I’m not using moving averages like the SMAs due to the market’s range-bound condition and low volatility. However, for detecting momentum, we can use an RSI breakout above 65.01, but this confirmation isn’t highly reliable due to the sideways market, which makes indicators and oscillators less accurate. Long Triggers and Potential Targets The next long triggers are the breakouts of the $187 and $202 resistance levels. Personally, I prefer opening a position with the $187 breakout, as the $202 breakout might not provide a strong and reliable trigger. If $202 is broken, the next target would be $233. Short Triggers and Bias Towards Uptrend The short triggers are $139 and $125, but I’d prefer to open a position at $125 since the main market trend is still bullish and currently in correction. I believe there is a higher chance of an upward move than a downward one. If the support levels are broken, the next support target would be $82. 4-Hour Timeframe Analysis Now, let’s move on to the 4-hour timeframe. The triggers from the higher timeframes are also visible with slight modifications, and we can use the same triggers in this timeframe as well. Weakening Momentum In the last upward wave, after hitting the $160 resistance, volume started to decline, and the size of the candles and market momentum indicated weakness in the trend. Additionally, we have a convex trendline that also highlights the weakening wave. Given this, I’d personally open a short position upon breaking the trendline and the $152 support, but with low risk. I’d take profits at the $138 and $126 support levels. Importance of $160 Resistance Despite the weakening trend and the short trigger, I wouldn’t hesitate to open a long position. The $160 resistance is crucial, as it has pushed the price down three times so far. Therefore, it’s natural for the price to lose strength near this level. The $160 breakout is also a valid long trigger, and I’d make every effort to open a long position if this resistance is broken. Caution on Short Triggers As mentioned, the first and riskier short trigger is the $152 level, which isn’t very reliable. I recommend risking only half of your usual amount for this position. The next trigger is at $138, which I view as a target for the first short position. The main short trigger is at $126. [bFinal Thoughts on SOL’s Trend Overall, I believe that in the higher timeframes, Solana’s trend remains bullish, which affects futures triggers. Given this, I personally prefer taking long positions, which is why I wouldn’t open a short position at the $138 level. However, the $160 breakout seems like a good long position opportunity for me. Disclaimer This is not financial advice, and it’s purely my personal opinion on the movement of this coin. It may be entirely wrong, so always do your own research before making any decisions.
Long
by DreamAnalysis