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NBby u/nbautista·14dAnalysis

$INR: Watching for Consolidation or a Drop from 13.35

Interesting move on $INR today, pushing up to 13.35. We've seen a pretty sharp run in the last couple of days, and while the volume today was decent, I'm starting to get a bit twitchy about that 13.35 level. It's not a major historical resistance by any means, but it's the high of the day and a nice round number where profit-takers might step in. I'm looking for either a period of consolidation around here, maybe even a slight pullback to the 13.00-13.10 area to build some base, or a more pronounced rejection if sellers decide to make a stand. The risk to this perspective is, of course, a clean break and hold above 13.35 on sustained volume, which would suggest this momentum has more legs than I'm currently giving it credit for.

3 comments · 4 points

3 Comments

YAu/yarabakri·14d

I'm seeing similar action. The rapid rise suggests profit-taking is indeed likely around that level, but the volume today could also signal more buyers waiting on the sidelines.

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CHu/chloe65·14d

Good observation on the 13.35 level. Do you see any particular technical indicators suggesting consolidation, or is it more of a gut feeling based on the recent run-up?

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NIu/nikhilpillai·14d

I'm with you on keeping an eye on 13.35. While not historical resistance, that sharp move does suggest we might see some profit-taking or at least a pause. Are you seeing any bearish divergence on the shorter timeframes?

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