This market is moving sideways at the moment on higher time frames, we have a bearish inside candle formation and we are predicting market going lower. We will wait for market to cross 1.684 resistance before going short.
We have seen bullish pin bar and market is in uptrend on weekly , daily and 4hrly time frames. In addition we have seen a ringed low formation with second candle have lower low and lower high below the previous candle. In addition 10 EMA is above 20 EMA. All this 3 signals are in favour of bullish move of this market and we would be looking going long with entry...
On the weekly is in uptrent but entering P2
On the daily in the uptrent but retesting strong zone of resistance at 96.79
On 4 hrly in the uptrend, new LH was formed market will retest zone of resistance second time and we will see sell off
The market is generally in uptrend, however there is head and shoulder pattern formation on higher and lower timeframes. We will wait for completion of right shoulder as it retreces to the neck support level. Head and shoulder signify change in market trend and we can expect mild downward trend.
2 hourly as well as higher time frame charts are showing potential for long opportunities in near future. After the recent shoulder pattern there is reversal in market trend pattern as we enter the next phase.