Analysis on Daily TF and Trade for Positional Trade:
Daily TF:
Dynamic support and resistance (EMA50 & EMA79): Will Act as Resistance
Chart Pattern: Falling Wedge
MACD: Bullish
Stoch RSI: Nearing Overbought Range
CPR: Bearish Bias and Script breaks the CPR below
Build Up: Support at 622.50-609 Range
ATR: Flat
Higher TF (Weekly)
Dynamic support and resistance (EMA50 & EMA79): Will Act as Support
Chart Pattern: Falling Wedge & Flag
MACD: Bearish
Stoch RSI: Oversold Range
Build Up: Yes
ATR: High
Lower TF (2Hrs)
Dynamic support and resistance (EMA50 & EMA79): Will Act as Resistance
Chart Pattern: Ascending Triangle
MACD: Bullish
Stoch RSI: Overbought Range
CPR: Breakout Above - Bullish Bias
Build Up: Yes at Support
ATR: Flat
Based on our analysis:
Entry - Wait for the Breakout of the pattern in Daily TF
or
Entry post breakout of structure in 2HR TF.
SL - 607.50-1ATR
Daily TF Chart:
Weekly TF Chart:
2Hr TF Chart:
Disclaimer: Kindly do your own analysis before executing the trade and contact your financial advisor.
Daily TF:
Dynamic support and resistance (EMA50 & EMA79): Will Act as Resistance
Chart Pattern: Falling Wedge
MACD: Bullish
Stoch RSI: Nearing Overbought Range
CPR: Bearish Bias and Script breaks the CPR below
Build Up: Support at 622.50-609 Range
ATR: Flat
Higher TF (Weekly)
Dynamic support and resistance (EMA50 & EMA79): Will Act as Support
Chart Pattern: Falling Wedge & Flag
MACD: Bearish
Stoch RSI: Oversold Range
Build Up: Yes
ATR: High
Lower TF (2Hrs)
Dynamic support and resistance (EMA50 & EMA79): Will Act as Resistance
Chart Pattern: Ascending Triangle
MACD: Bullish
Stoch RSI: Overbought Range
CPR: Breakout Above - Bullish Bias
Build Up: Yes at Support
ATR: Flat
Based on our analysis:
Entry - Wait for the Breakout of the pattern in Daily TF
or
Entry post breakout of structure in 2HR TF.
SL - 607.50-1ATR
Daily TF Chart:
Weekly TF Chart:
2Hr TF Chart:
Disclaimer: Kindly do your own analysis before executing the trade and contact your financial advisor.