For the first time in last two months $/Yen managed to close above 50 Day EMA Plus MACD is also holding positive momentum on daily chart. Also many shorts are trapped in this as reversal was sudden & strong. Another point supporting rally in UJ from here is Yield on US bonds.
The chart i have put up here is Ratio chart between US & Japan 10 year Bond price. this ratio chart has inverse correlation to $/Yen. Ratio chart which is a blue line broke down from the channel is likely to continue lower given the momentum on weekly & daily chart, which is likely to send the pair higher from here. I am also doubtful whether issue between N.K. &...
Fortis Healthcare has a good support around 141 levels, it saw a great buying volume as it dropped to 141 levels. Now it is dropping back again to 141 levels which i think would be a good time to go long on it.
Company reported strong results for this quarter but stock failed to rally further & witnessed selling pressure at higher levels one should short once the trend line breaks.
There is also spinning top formation on daily chart with increased volume which suggests reversal may be on the cards.
If you see there dark cloud cover pattern on Dollar Index Weekly chart
Coupled up with MACD showing strong downtrend sign &
Parabolic Sar also indicating downtrend
so all in all DXY qualifies as short candidate.
XABCD pattern Analysis
It's clear speculation If banknifty retraces up from point B to Point C then it will go down to point D.
At point D Take long position
TP = 18524.
Check for confirmations from other indicators before taking long position at Point D like MACD & Parabolic SAR.
Bearish XABCD Pattern:
Short Level Entry - At point D.
Zone of 63.20-63.46 is good for short entry.
However Check for confirmation from other indicators like MACD & Parabolic SAR.
In trade try to turn odds in your favor & take confirmations from other indicators.
TP1 = 62.05
TP2 = 61.33
SL = 63.77
Axis is trading in the channel breaking which on either side would trigger long or short position accordingly
Similar goes with Banknifty. Actually axis & banknifty chart are by & large mirror of each other
Looking At weekly chart it seems that banknifty may fall further As MACD is in strong downtrend, Similar goes with daily charts, But the trend can reverse at any time so be careful keep eye on MACD direction.