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Candlestick Analysis

GbpUsd could correct from important supportLast week, GBP/USD saw a sharp decline, dropping over 400 pips from its recent high after briefly spiking above former support, which has now turned into resistance. The pair is currently trading at 1.2150. Although the overall trend remains strongly bearish, a short-term correction and upward move is possible. The 1.2070 level serves as key technical support, and with the psychological 1.2000 level nearby, short-term traders might find buying opportunities in this zone. If a rebound occurs, the 1.2300 level could serve as a potential target for such a trade.
Long
by Mihai_Iacob
6
Closing above Mother line & Pitchfork median line unsuccessful.Nifty tried hard to close above Mother line of 50 Weeks EMA and Pitchfork median line this week but was unsuccessful. Closing above 23433 is imperial for Nifty to gain a bullish momentum. Pitchfork is used to determine the long term trend of Nifty. In this particular chart the Pitchfork starts from 2021 and extends till 2026 end. The upper side has lot of potential as you can see the top is leading towards 32.5K+. Even the Median line is leading towards the target close to 29K. Supports for Nifty in the medium term because of the current bearish trend are at 22.8K, 21.8K, 21.2K, 20.2K and finally 200 Weeks EMA or the Father line at 19.5K.(This looks improbable as of now on chart as these levels are even below the pitchfork trend channel.) Usually the tops and bottoms of Pitchfork channel are not easy to break hence the worst case scenario as of now looks like 20.2K. Looking at the bigger picture IMF has declared a robust outlook for India for the next 3 years with GDP growing at an average of 6.63% for the next 3 years. (2025-6.5%, 2026-6.7% and 6.7%). However actual GDP growth can be much higher if the Government remains stable for a sustained period of time. The IMF estimates should be taken with a pinch of salt. Long term investors can utilise every fall to add some blue chips. Remain selective in Mid and Small cap space as the PE in some of the Mid and small cap companies are still at unsustainable levels even after this fall. For Bulls to be back in business we need a weekly closing above Pitchfork median and Mother line at 23433. Weekly Closing above 23433 would have potential to take us near 24.5K or even above 25.5K levels in the short to medium term. Closing below 22.8K can bring little more wait and pain for investors. Good effort by Nifty this week but closing was not good. We need a strong move next week for Bulls to be back to business. Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. I or my clients might have positions in the stocks that we mention in our posts. We will not be responsible for any Profit or loss that may occur due to any financial decision taken based on any data provided in this message. Do consult your investment advisor before taking any financial decisions. Stop losses should be an important part of any investment in equity.
NSE:NIFTY
by Happy_Candles_Investment
Broadening HorizonsTrading the daily chart independently proved its worth in today’s New York session. Not only did I branch out into other pairs with confidence, but I also locked in profits on both the euro and Australian dollar. Today’s price action reinforced my strategy, and given that the futures broker I’m considering prefers to flatten trades by day’s end, my approach is simple: open fresh trades at market price and ride the momentum. The daily chart is the anchor—steady, reliable, and sharp.
CME_MINI:M6EH2025Long
by PointOneFx
GBPCAD Wave Analysis 16 January 2025 - GBPCAD reversed from strong support level 1.7490 - Likely to rise to resistance level 1.7700 GBPCAD currency pair recently reversed up with the daily Japanese candlesticks reversal pattern Hammer from the strong support level 1.7490, which has been steadily reversing this currency pair from the start of August. The support level 1.7490 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse from last April. Given the strong daily uptrend, GBPCAD currency pair can be expected to rise to the next resistance level 1.7700.
Long
by FxProGlobal
Good Leap by Nifty today in anticipation of RIL/INFY results. Good Leap by Nifty today in anticipation of RIL/INFY results and closed 98 points up at 23311. Real test is the level of between 23377 (Mother Line) and 23398 (Important Resistance). This includes today's high and Mother line resistance and another important resistance. After closing above this zone the next resistances will be at 23469, 23598, 23736 and finally 23770 (Father Line resistance of Hourly chart.) Supports for Nifty on the lower side now remain at 23267, 23147 and 23053. If we get a poor result for Reliance these levels will be tested once again and there will be pressure on Bulls and Bears will again try to overpower Nifty. The tussle has reached a delicate stage now and thing can give. (Either a Breakout of Breakdown). Disclaimer: The above information is provided for educational purpose, analysis and paper trading only. Please don't treat this as a buy or sell recommendation for the stock or index. We do not guarantee any success in highly volatile market or otherwise. Stock market investment is subject to market risks which include global and regional risks. I or my clients might have positions in the stocks that we mention in our posts. We will not be responsible for any Profit or loss that may occur due to any financial decision.
NSE:NIFTYLong
by Happy_Candles_Investment