BankNifty | Expect a gap up | Might get a good Short Opportunity
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In smaller time frames, the market made a double bottom along with the reverse head and shoulder pattern. Also, it started to make higher highs; which means we should expect a gap up when the market opens. There is a good chance for rejection when price tests the previous supply area. If we get one, we should use the first pullback to go short with a good risk to reward ratio. If the price manages to breach the previous supply area, we will wait until the price finds a good support on the previous supply zone(previous resistance area will act as support) and go long with good risk to reward ratio
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
In smaller time frames, the market made a double bottom along with the reverse head and shoulder pattern. Also, it started to make higher highs; which means we should expect a gap up when the market opens. There is a good chance for rejection when price tests the previous supply area. If we get one, we should use the first pullback to go short with a good risk to reward ratio. If the price manages to breach the previous supply area, we will wait until the price finds a good support on the previous supply zone(previous resistance area will act as support) and go long with good risk to reward ratio
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
