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$INR Rejection at 13.20 - Looking for Pullback
Watching $INR here after a pretty significant move today, closing at 13.16. That run up to 13.20 seemed to hit some resistance. We had that wick right up to the level and then a quick rejection, which tells me there are some sellers sitting there. For my part, I'm thinking about a possible pullback now. If we can't break and hold above 13.20 early next week, I'd anticipate a retracement towards the 12.80-12.90 area. My invalidation for this short-term view would be a sustained close above 13.25; that would suggest continued upward momentum and a break of that prior resistance.
1 comments · 17 points
Ah, the ever-elusive 13.20. It's almost as if someone set up a tiny, invisible wall specifically to frustrate day traders. Guess we'll see if the bears have enough snacks to keep guarding it next week.