USDINR Is The Upmove Over..?
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The document analyzes the INR/USD currency trend as of May 24, 2012, highlighting resistance levels around 56.20 to 56.50, and projecting a potential decline to 53 in the near term and 50 in the long term due to historical patterns. It notes that if the currency surpasses 56.5, it could rise to 57.8, though this scenario is deemed unlikely. The document includes disclaimed information for private circulation only, stating it does not constitute an offer for trading securities.
USDINR Is The Upmove Over..?
- 1. TECHNICAL RESEARCH 24th May 2012 USDINR: Is the upmove over..? Nishu Agarwal nishu.agarwal@bmastock.com INR: 2012 The trend line resistance stands around 56.20, close to the recent high around 56.3875 (as on 24/05/2012 1:00 pm) The upmove of INR is projected from 48.6 (Nov 2011) to 54.3 (Dec 2011). 138.2% Projection: 56.50 - Close to the recent high around 56.3875 (as on 24/05/2012 1:00 pm). BMA Wealth Creators Equity Research
- 2. Technicals INR: 2008 In 2008, we saw a similar move where the currency dropped after reaching close to 138.2% projection levels (52.09). It slipped to 45.3 in a year after that. Given the proximity to the resistance levels around 56.2-56.5, and referring to the price movement in 2008 probability is quite high that the currency might reverse direction from the current levels and slip to 53 in the near term (3-4 months) and to 50 in the long term (8-9 months). If, on the other hand, the currency breaches 56.5, (probability seems quite less), it might surge towards 57.8. Disclaimer: This document is for private circulation only. Neither the information nor any opinion expressed constitutes an offer, or any invitation to make an offer, to 100 buy or sell any securities or any options, future or other derivatives related to such securities. BMA Wealth Creators Ltd. Or any of its associates or employees doesn’t except any liability whatsoever direct or indirect that may arise from the use of the information herein. BMA Wealth Creators Ltd. and its affiliates may trade for their 80 own accounts as market maker, block positional, specialist and/or arbitrageur in any securities of this issuer (s) or in related investments, may be on the opposite side of public orders. BMA Wealth Creators Ltd. and its affiliates, directors, officers, employees, employee benefit programs may have a long or short position in any securities 60 East of this issuer (s) or in related investments no matter content herein may be reproduced without prior concert of BMA. While there report has been prepared on the West basis of published/other publicly available information considered reliable, we are unable to accept any liability for the accuracy of its contents. 40 North 20 0 BMA Wealth Creators Limited 1st Qtr 2nd Qtr 3rd Qtr 4th Qtr 29-5A Dr. Ambedkar Sarani, Viswakarma II Topsia Road, Kolkata-700046, Tel (033) 40110099, research@bmastock.com, www.bmawc.com BMA Wealth Creators Equity Research