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Mighty Dollar Eyes Further Gains

The US Dollar Index (DXY) commenced the new year on a strong note, breaking out of its consolidation phase and surging toward the 109.50 level on January 2.

â—‰ Technical Observations

DXY - TECHNICAL ANALYSIS
  • The daily candle close on Friday formed an inside bar bearish candle, indicating a potential pullback in the week ahead.
  • Immediate support levels are situated between 107.50 and 107.00.

â—‰ Market Outlook and Key Events

The US jobs report comes out on Friday and will be the main focus for the market this week. A strong jobs report could strengthen the US dollar, affecting emerging markets and commodities.

â—‰ The Vita Coco Company (NASDAQ: COCO) - TRADINGVIEW POSITION UPDATE

Vita Coco: Hydrating Investors with Impressive Growth Prospects by NaranjCapital on TradingView.com

MONEY MANAGEMENT AND TRADING RULES

1)  It’s advisable to enter/exit in the recommended range.
2)  Strictly follow the StopLoss as mentioned. Honour it.
3)  Use trailing StopLoss to retain profits.
4)  Diversify trading capital into our other trading recommendations.
5)  Risk only the money what you can afford to lose. Hedge accordingly.

Advisor / ANALYST SUMMARY

The stock trading advice is prepared by the Naranj Capital team under the guidance of Arijit Banerjee, CMT, CFTe. Arijit is a veteran trader and an active investor having in-depth knowledge of financial market research, advanced technical analysis, market cycle, algorithmic trading, and portfolio management. He is a Chartered Market Technician (CMT) accredited by CMT Association USA, the global authority of Technical Analysis and also has been honored as a Certified Financial Technician (CFTe) by the International Federation of Technical Analysts, USA.

Disclosure

The views expressed herein are based solely on information available publicly/internal data/other sources believed to be reliable, but is not necessarily all-inclusive and is not guaranteed as to accuracy. The recommendations provided herein is solely for informational purposes and are not intended to be and must not be taken alone as the basis for an investment/trading decision. Trading and investing are subject to market risk and the securities discussed and opinions expressed herein may not be suitable for all investors. To read the full disclosure, please click here.

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