Thursday, November 17, 2016

Is this an Ending Diagonal ???

Dear All,

Protected against excessive volatility by India’s central bank and backed by one of the world’s fastest growing economies, the rupee could withstand the US dollar’s post-election surge better than many emerging market currencies, economists say. While emerging markets currencies have on average lost 4.6% against the dollar since Trump’s election victory on 8 November, the rupee has lost only 2%. Analysts expect the rupee to continue to fare better than emerging market peers because of the country’s faster economic growth, and near-record foreign exchange reserves of $368 billion, which the Reserve Bank of India’s regularly dips into to smooth out excessive volatility in the currency market.

>>> Nifty 15 Mins Chart <<<

>>> Click the chart to see on full screen <<<

If the above chart - for ending diagonal is not wrong - Expect a Pull back above the diagonal - Else price may test 8020.