OmiFX8

OmiFX8

Gold's daily chart shows the shiny metal is inching closer to recent highs. Friday's candle represents indecision in the market. A close under Friday's low would open the doors for a completion of a double top pattern with the neckline support at $1,658 per ounce (April 21 low). Acceptance under that level would confirm a bearish double top breakdown and could...

OmiFX8

USD/INR’s daily chart shows the currency pair is trapping both buyers and sellers. A symmetrical triangle breakout confirmed on April 21 was short-lived. On similar lines, the breakdown confirmed on Thursday ended up trapping sellers on the wrong side of the market. Thee daily RSI is now trapped in a bearish channel. I would buy once the RSI breaches the top...

OmiFX8

100-week average support is located at Rs. 790. Stock found selling pressure around 840 earlier this month and that has put brakes on the rally. However, this pause will likely recharge engines for the next move higher as the weekly RSI is also reporting a breakout...

OmiFX8

USD/INR looks to have charted a pennant pattern on the daily chart. A breakout would mean a continuation of the rally from the low of 71.40 and would open the doors a re-test of 77.42. Acceptance above that level would open the doors to 80.00. A pennant breakdown would imply a bullish-to-bearish trend change.

OmiFX8

A low-volume script. Not very sure about the fundamental metrics, but technical chart shows scope for a rally above Rs. 1 Bullish RSI divergence seen on weekly indicates the share price is about to exit the nine-month-long price consolidation with a strong move to the upside.

OmiFX8

Bollinger band breakout on the daily Friday's bullish hammer candle shows a strong move above the 100-day MA. Triangle breakout on the 14-week RSI. Immediate hurdle at 2.50-2.55. Acceptance above that would open the doors to 3,30 and 5.00 Good to buy at current levels.

OmiFX8

Lupin surged 20 percent last week. Price rise was backed by highest trading volume since August 2018. The high volume rally looks to have legs Prices are flaring with the long-held the 100-week moving average at Rs.790. Acceptance higher looks likely and could be followed by a rise above Rs. 1,000. Buy at CMP or dips for target of 1,000 with tight stop loss.

OmiFX8

Bullish RSI divergence on the daily chart after a three-month sell-off. Immediate upside target of 167, violation there would expose descending 50MA currently at Rs. 200. Stops below Rs. 133. Don't buy on Monday morning if stocks open on a negative note.

OmiFX8

I am not impressed with the pennant breakout confirmed on the daily chart on Thursday. While it is a bullish continuation setup, the shape of the Thursday's candle, which confirmed the breakout, is indicative of buyer fatigue. Its the long upper shadow that takes the shine off the breakout. Also, rallies into or above $7,000 continue to be sold into. The...

OmiFX8

XRP/ETH may be close to bottoming out as the daily RSI is looking to form higher lows in the oversold territory (below 30 region). If the ratio rises above yesterday's high of 108925, a bull divergence of RSI would be confirmed. That would be a buying opportunity with a tight stop loss.

OmiFX8

ETH rejected at $287 two times in the last five days. Daily RSI has breached ascending trendline MACD below zero 5- and 10-day MAs producing bear cross. Trade strategy Sell @ 260 target 238 (double top neckline) with stops above $263

OmiFX8

Gold's daily line chart shows a bearish divergence of the RSI... Good to sell here for a target of $1,555 with stops above $1,588.

OmiFX8

Kiwi may be charting an inverse head and shoulders pattern on the weekly chart.

OmiFX8

USD/CHF created a bullish inside day candle on Friday, indicating indecision or consolidation. A close today above Friday's high of 0.9729 would confirm bullish inside day reversal pattern. A close below Friday's low would imply bearish continuation... Trade idea: buy dips tomorrow if a bullish close is confirmed. The upside target would be 0.9842 and stops...

OmiFX8

Bank Nifty fell by 0.80% on Jan, 22, confirming a head-and-shoulders (H&S) breakdown only to be pushed back higher on the following day. The fake breakdown does not necessarily mean bullish reversal for two reasons: — H&S breakdown is a widely known technical pattern and markets often crowd out weak hands (bears) by revisiting levels above the neckline (former...

OmiFX8

I can see Nifty probing the upper edge of the contracting triangle on the 4-hour chart, Of course, a breakout would imply a continuation of the rally. But if you are going long, keep trailing stop loss, as are at record highs and in such situations continuation patterns are often short-lived or act as bull traps.

OmiFX8

Bank nifty is up over 1% today. The price rise has come a day after the index witnessed a rising wedge breakdown on the daily chart. Even so, I am not inclined to buy here. In fact, a bear put spread could br initiated right now as the weekly chart shows consecutive doji candles. Doji near life time highs represents buyer exhaustion...

OmiFX8

RSI is one of the most widely followed technical indicators out there. The focus of this writeup is on understanding the overbought and oversold readings. I am not delving into the details of calculation and divergences. So what does overbought reading mean? An above-70 reading on the 14-day RSI is widely considered an overbought reading. Many people...