Hi friends hope you are enjoying your morning's Tea or coffee with scrolling Trading view ideas for taking a view on market so it's a daily chart of Banknifty i am sharing today, as we can see that price is trading in an ascending channel and created a Bearish Head & Shoulders pattern on provided chart and came down after breaking the neckline. Pattern is not very clear from the right shoulder because it's a chart not a drawing book only we have to understand that what is it and what is resembles and can act according to it.
So mates as we can see price is sharing a adjoined spot of 100 ema and channel support both so i assume if price will break these combined levels and close below we can see further fall for the levels of 43400 to 42700 on the top side 44600 to 44900 these levels it will face strong resistance if price will bounce from here as pattern neckline is placed in this zone and sellers will sure take a sell on rise advantage there. Thank you for reading if you find something good it please like and motivate me
This is kind of a follow up publication for recently published idea on Bank nifty you can check that idea also in my profile sharing link below too.
This is not and trade or investment advice. This idea is meant for learning only. Best Regards Happy Trading- Amit
Bank Nifty Head & Shoulders
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ONCE SUPPORT BROKEN TODAY IN INTRADAY SESSION BUT GOT A PROPER BOUNCE FROM 100 EMA AND CLSOED ABOVE RISISNG TRENDLINE MATES.
SMALLER TIME FRAME FOR BETTER VIEW-: AS WE CAN SEE ON THIS HOURLY TIME FRAME CHART PRICE GO BELOW SUPPORT AND GIVES BULLISH BOUNCE FROM THERE AND AFTER TAKEN RESISTANCE NEAR MENTIONED RESISTANCE AREA DESPITE OF TOO MANY BULLISH SENTIMENTS WAS TODAY IN MARKET.
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HI MATES, AS WE CAN SEE ON WEEKLY CHART THAT WE GOT A HIGHEST WEEKLY CLOSING IN FOUR WEEKS AND TRACTION IS ALSO SEEMS UPWARD, SO UPDATING THIS IDEA WITH WEEKLY CHART FOR THAT IF MENTION RESISTANCE (44700) IN THIS UPDATE WHICH IS ALMOST SAME RESISTANCE LEVELS WHICH I MENTIONED IN IDEA DESCRIPTION TOO, IF THIS LEVELS WILL BREAK AND CLOSE ON DAILY CHART WE CAN SEE RETRACEMENT TILL 45500-46000.
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Two straight sessions rejected from the same mentioned resistance levels (last monday and tuesday) and now created a more bearish pattern (three black crows) if closed below yestreday's closing. we can see again a bounce from rising trednline if it will reach there.
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bank nifty
Price is taking support again near to rising trendline and again bounced from there, motive of sharing this update is that on the top price is taking rejections while from the bottom it is taking support so after this range breakout we can enter in a new range
Support and resistance for better understanding of levels
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Still Stucked on neckline friends, above close we can see good momentum
hourly chart with published snapshot for better view
not negative if sustain above resistance 44740 can act as support now
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45500 Potential upside mention in update above now reached after break of neckline. and mention resistance area posted in update Published chart
Follow up chart S/R levels
Trade closed: target reached
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Reached 46090 from 45000 levels mentioned potential upside in updates above and taking resistance there so considering it is a target , Closing this idea completely will publish a new idea for Bank nifty
@Arvind5288 I am happy to share dear friend Arvind and thanks for like and comment 🤝
shrikantjethwa0
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good job !
AMIT-RAJAN
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@shrikantjethwa0 Thank for support, i am happy that you liked 🙏🤝
Kaushik_Karnale
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Appreciate the way you have explained about the Right Shoulder on the chart. As our minds keep looking for perfections. Can we say that the pattern has been retested around 44700? Thank You in advance.
AMIT-RAJAN
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@Kaushik_Karnale Thanks Kaushik for like and comment and thanks that you got my point that this is chart we can't go for perfection or overdraw and you won't belive if i didn't wrote this in description many comments i got on idea that this is not h&s, you made wrong, wrong TA etc etc. For retest yes it's possible as gives good close and big events news also be there, let's see i am open for both side position
Kaushik_Karnale
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@AMIT-RAJAN, Thanks Amit Ji for the Heads up, will keep an eye the levels mentioned in the charts. Yes, it gets quite important to explain where needed :).
Friends you can share index or stocks names which i can analyze for you i feel happy to help