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Bearish drop?US Dollar Index (DXY) has reacted off the pivot which aligns with the 161.8% Fibonacci extension and could drop to the 1st support which acts as a pullback support. Pivot: 105.42 1st Support: 104.65 1st Resistance: 106.13 Risk Warning: Trading Forex and CFDs carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading Forex and CFDs may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary. Disclaimer: The above opinions given constitute general market commentary, and do not constitute the opinion or advice of IC Markets or any form of personal or investment advice. Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, are intended only to be informative, is not an advice nor a recommendation, nor research, or a record of our trading prices, or an offer of, or solicitation for a transaction in any financial instrument and thus should not be treated as such. The information provided does not involve any specific investment objectives, financial situation and needs of any specific person who may receive it. Please be aware, that past performance is not a reliable indicator of future performance and/or results. Past Performance or Forward-looking scenarios based upon the reasonable beliefs of the third-party provider are not a guarantee of future performance. Actual results may differ materially from those anticipated in forward-looking or past performance statements. IC Markets makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or any information supplied by any third-party.
TVC:DXYShort
by ICmarkets
BANKNIFTY : Trading Levels and Plan for 07-Nov-2024Intro: On the previous trading day, Bank Nifty exhibited a sideways trend in the zone that highlighted in yesterday's day plan and could not break that range, reaching resistance levels but pulling back slightly. The chart shows key zones for profit booking at 52,900 , opening resistance around 52,534 , and opening support at 52,109 . The price action at these levels will determine the trend continuation or possible reversal. Yellow lines indicate a sideways trend, green lines indicate bullish momentum, and red lines highlight potential bearish scenarios. Opening Scenarios: Gap Up Opening (200+ Points Above): If Bank Nifty opens above 52,534 , watch for resistance around the 52,758 - 52,900 profit booking zone. A strong breakout above 52,900 can signal bullish continuation, providing entry opportunities for a quick upside trade with a stop-loss below 52,534 . However, if the index faces resistance at this level, a pullback may ensue, suggesting a reversal towards the opening support at 52,109 . In this scenario, cautious long trades are advisable, targeting small profits while trailing the stop-loss. Flat Opening: If Bank Nifty opens around 52,384 , the opening resistance at 52,534 and support at 52,109 become critical zones. Price behavior around these levels will guide the trend: A break above 52,534 could lead to a test of the profit booking zone ( 52,758 - 52,900 ). A rejection at 52,534 can lead to a sideways trend, likely oscillating between 52,534 and 52,109 . Consider quick scalping trades with limited risk here. If the price moves below 52,109 , expect a potential downward move, aiming for the buyer's support at 51,676 . Gap Down Opening (200+ Points Below): In the event of a gap-down opening near or below 52,109 , Bank Nifty may seek support at 51,676 . Observe if it finds stability here to confirm a buying opportunity for a potential rebound. If 51,676 fails to hold, Bank Nifty may trend lower, with bearish momentum potentially extending to the lower support zone. Conversely, a recovery above 52,109 could lead to a pullback rally towards 52,534 , presenting a quick rebound trade opportunity. Risk Management Tips for Options Trading: Use defined stop-losses based on support/resistance levels ( 52,534 , 52,109 , 51,676 ) to manage risk. Avoid overleveraging, particularly during high volatility zones. Consider deploying options strategies (e.g., spreads) to reduce premium costs and manage risk exposure. Trail stop-losses as the price moves favorably to lock in profits. Summary and Conclusion: The key levels for Bank Nifty on 07-Nov-2024 are 52,534 (opening resistance), 52,109 (opening support), and 51,676 (buyer’s support). Monitor these zones for potential reversals or breakouts. Follow risk management guidelines strictly, particularly in options trading, to safeguard against adverse moves. Disclaimer: I am not a SEBI-registered analyst. The analysis and trading levels shared are based on technical patterns and personal views. Traders are advised to perform their due diligence or consult with a financial advisor before taking any trading action.
NSE:BANKNIFTY
by LiveTradingBox
NIFTY : Trading Levels and Plan for 07-Nov-2024Trading Plan for Nifty - 07-Nov-2024 Intro: On the previous trading day, Nifty displayed a strong bullish movement, trading near resistance zones and showing signs of potential reversals. The key levels for today's session include the profit booking zone at 24,841 , opening resistance at 24,583 , and opening support around 24,407 . The chart’s yellow trend lines indicate potential sideways movement, green represents bullish scenarios, and red highlights bearish trends. Opening Scenarios: Gap Up Opening (100+ Points Above): If Nifty opens with a gap up above 24,583 , closely monitor price action around the 24,781 - 24,841 profit booking zone. A strong breakout above 24,841 could indicate further bullish momentum, creating an opportunity for long entries with a stop-loss below 24,583 . However, if resistance at this level holds, expect a retracement towards 24,583 . This can signal a potential reversal, allowing for short trades targeting the opening support near 24,407 . Flat Opening: If Nifty opens near 24,493 , focus on the levels at 24,583 (opening resistance) and 24,407 (opening support). Observe these zones for directional clues: A move above 24,583 could test the profit booking area ( 24,781 - 24,841 ), creating a favorable long opportunity. A rejection at 24,583 could suggest a sideways trend between 24,583 and 24,407 . In this range-bound scenario, consider small scalp trades with defined stop-losses. Breaking below 24,407 may drive the index lower, with a potential target at 24,273 (buyer’s support at retracement). Gap Down Opening (100+ Points Below): If Nifty opens below 24,407 , look for support around 24,273 . A bounce from this level may provide an opportunity for a quick recovery trade towards 24,407 . Should 24,273 fail to hold, bearish pressure could take Nifty towards 24,160 or even the last buyer's support at 24,108 . This scenario would favor short positions with stop-losses above immediate resistance. If Nifty rebounds above 24,407 post-gap down, look for a potential pullback rally targeting 24,583 . Risk Management Tips for Options Trading: Define stop-loss levels based on critical support/resistance areas ( 24,583 , 24,407 , 24,273 ) to limit risk. Avoid aggressive trades during high volatility; keep position sizes manageable. Use hedged strategies, such as spreads, to control premium outlay and reduce risk. Continuously trail stop-losses in favor of the trend to secure partial profits. Summary and Conclusion: The main levels to watch for Nifty on 07-Nov-2024 are 24,583 (opening resistance), 24,407 (opening support), and 24,273 (buyer’s support). Stay vigilant around these areas to capture potential breakout or reversal trades, and adhere to disciplined risk management in options trading to safeguard against volatility. Disclaimer: I am not a SEBI-registered analyst. This analysis is based on technical observations and personal insights. Please perform your due diligence or consult with a financial advisor before taking any trading actions.
NSE:NIFTYLong
by LiveTradingBox
Market Outlook: Nifty 50 - Navigating Geopolitical TensionsCurrent Technical Analysis: As of the latest market open, the Nifty 50 index has started at 24,320, and we are expecting a potential downward correction to the 24,220 level. If this initial support level holds, we could see a retracement to higher levels. However, should the market fail to reverse from this point, there is a risk of further downside pressure, which may push the index below 24,000. The critical resistance for the Nifty lies near the 24,500 zone. A break above this level could pave the way for a potential rally towards the 25,000 mark. The market's reaction to these key levels will be crucial in determining the next medium-term direction. Key Technical Levels: Support: 24,220 (Short-term support) Immediate Resistance: 24,500 Key Resistance for Bullish Momentum: 25,000 Bearish Target if Downtrend Resumes: Below 24,000 Geopolitical Factors: Global geopolitical tensions, particularly in Eastern Europe and the Middle East, have the potential to impact risk sentiment in emerging markets like India. Rising energy prices, supply chain disruptions, and investor risk-off sentiment could continue to put downward pressure on equities. In the Indian context, ongoing political developments, especially regarding the Maharashtra state elections, could also add volatility to the local market. Any surprises or shifts in state-level governance could have a ripple effect on investor confidence, potentially influencing market sentiment in the short term. Indian State Elections (Maharashtra): Electoral Outcomes: The Maharashtra state elections will be a key event, with results likely to influence market sentiment, particularly in the political and economic outlook. If the ruling party maintains control, the market could react positively due to continuity in policies. However, a shift in power could lead to uncertainty, especially in policy decisions around state-level economic initiatives, infrastructure spending, and governance. Investor Sentiment: Political stability is a significant driver for local markets, and any uncertainty could dampen investor confidence in the short term, particularly in sectors like real estate, construction, and infrastructure, which are sensitive to regional political outcomes. Fed Rate Cut Policy: The Federal Reserve's stance on interest rates will continue to be a pivotal factor in global equity markets. If the Fed proceeds with further rate cuts, it may create a risk-on environment globally, which could spill over into emerging markets, including India. A rate cut would reduce the cost of borrowing, encouraging investment flows into equities, potentially providing a cushion for the Indian market. However, inflationary concerns and economic slowdown risks in major economies could complicate the Fed's rate policy. Any signs of economic weakness in the U.S. could lead to reduced investor confidence globally, putting pressure on equity markets. Inflation and Global Growth Concerns: U.S. Inflation: Despite the potential for rate cuts, inflation in the U.S. remains a key risk. If inflation proves more persistent than anticipated, the Fed may pause its rate cuts or even increase rates again, which could dampen global risk sentiment. China's Economic Slowdown: Additionally, China's ongoing economic challenges, including slowdown in industrial growth and real estate sector issues, could have a spillover effect on global markets, particularly in Asia. Outlook for Indian Markets: Short-term Bearish View: If the Nifty fails to hold above 24,220 and shows further weakness, the index may test the psychological level of 24,000. In this scenario, investors may prefer defensive sectors like consumer staples, pharma, and IT to weather potential volatility. Bullish Reversal Scenario: If the Nifty breaks above the 24,500 mark, there is potential for the index to reach towards 25,000, driven by positive sentiment from global policy action (e.g., a Fed rate cut). Indian sectors such as banking, automobile, and capital goods could outperform in such a scenario. Conclusion: The current market is at a crossroads, with key technical levels to watch for direction. Geopolitical uncertainties, particularly in the context of the Maharashtra elections, and global economic policy shifts (like a potential Fed rate cut) will significantly influence sentiment in the coming weeks. As always, investors should remain cautious and monitor both the local and global macroeconomic landscape closely. ------galeleo bull.......
NSE:NIFTY
by privatesparrowbs
Nasdaq and S&P500 before the electionHello, traders! I mostly post cryptos here but I also trade indices so I wanted to share my ideas. Markets are showing steady and calm movements as the election approaches and I think now might be a good time to watch over the indices. I often check the indices because I trade them regularly - my idea behind the trades is simple. "It will rise if it gets too low." Of course I wouldn't do the same for cryptos but I feel much more confident with the indices. Looking at my charts, I noticed the indices are now pretty close to my entry points which are bottom (support) lines of the regression channel and the pitchfork. With the election and possible rate cut ahead this week, there's a great possibility the markets will move upwards - even regardless of the result. This is due to the excitement for the new government. I'll keep watching.
NASDAQ:IXICLong
by QJEEE
US30 US Election Rally Buy US30 @ 41850 - 41780🏦US30🏢 US Election Rally 💎Buy US30 @ 41850 - 41780💎 Tuesday 11/05/2024 07 PM 41640 StopLoss —> 41855 BreakEven+ Scalp TakeProfit 1: 41870 TakeProfit 2: 41890 TakeProfit 3: 41910 Daily TakeProfit 4: 41930 TakeProfit 5: 41950 Swing TakeProfit 10: 42050 TakeProfit 20: 42250 TakeProfit 30: 42450 Position TakeProfit 50: 42850 TakeProfit 100: 43850 TakeProfit 200: 45850 TakeProfit 300: 47850 Richard Eyo ~ The Wizard 🧙‍♂️
PEPPERSTONE:US30Long
by SmartWizardFX
Bullish Momentum Post-Election: Key Levels & Breakout PotentialTechnically: The price has stabilized in the bullish zone and has moved upward significantly due to the U.S. election results, with Trump winning. This positive development has benefited stocks. The price is now expected to reach 20550 for a retest before pushing up to 20705. A breakout above 20705 is needed to continue the bullish trend toward 20790 and 20950. However, the current movement range is between 20550 and 20705 until a breakout occurs. Key Levels: Pivot Point: 20505 Resistance Levels: 20705, 20790, 20950 Support Levels: 20420, 20330, 20130 Trend: - Bullish above 20550 and 20790
OANDA:NAS100USDLong
by SroshMayi
Post-Election Price Momentum: Bullish and Bearish ScenariosTechnical Analysis Following Trump’s success in the U.S. election, the price is poised to reach new highs after breaking its previous all-time high (ATH). Bullish Scenario: If the price maintains stability above 5891, it is likely to target 5939 initially. A 1-hour or 4-hour candle close above 5939 would further reinforce the bullish momentum, with a potential upward move toward 6002. Bearish Scenario: Sustained stability below 5891 may trigger a downward move, with an initial target of 5863. Should a 4-hour candle close below 5863, it could confirm entry into a new bearish phase. Key Levels: Pivot Point: 5900 Resistance Levels: 5939, 5980, 6002 Support Levels: 5891, 5863, 5803 Trend outlook: Uptrend
OANDA:SPX500USDLong
by SroshMayi
5
S&P500: Rising Wedge targeting 6,000 short term.S&P500 is bullish on its 1D technical outlook (RSI = 62.812, MACD = 16.490, ADX = 32.155) as it maintains the Rising Wedge pattern that started on August 5th. The critical formation though is on the 1H timeframe and it is the Golden Cross that was just completed. All three Golden Crosses inside the Rising Wedge saw significant gains after they were formed. In fact they posted rallies far greater than the push prior to the Golden Cross, which means that we can currently see a move the will break above the Rising Wedge. Until then though, we have to follow the strict levels that this pattern provides us and on the short term we are targeting the top of the pattern and 2.0 Fibonacci extension (TP = 6,000). See how our prior idea has worked out: ## If you like our free content follow our profile to get more daily ideas. ## ## Comments and likes are greatly appreciated. ##
CAPITALCOM:US500Long
by InvestingScope
NAS100 US Election Rally Buy NAS100 @ 19970 - 19940🏦NAS100🏢 US Election Rally 💎Buy NAS100 @ 19970 - 19940💎 Tuesday 11/05/2024 07 PM 19880 StopLoss —> 19975 BreakEven+ Scalp TakeProfit 1: 19990 TakeProfit 2: 20010 TakeProfit 3: 20030 Daily TakeProfit 4: 20050 TakeProfit 5: 20070 Swing TakeProfit 10: 20170 TakeProfit 20: 20370 TakeProfit 30: 20570 Position TakeProfit 50: 20970 TakeProfit 100: 21970 TakeProfit 200: 23970 TakeProfit 300: 25970 Richard Eyo ~ The Wizard 🧙‍♂️
PEPPERSTONE:NAS100Long
by SmartWizardFX