BankNifty view for the week of 24th - 28th January
Good evening All,
Last week:
Neither of our levels were made for us take an entry. With weekly RSI at 1600, market played that range. Mostly because of the surge it had since 30th December, sellers had to make money.
This week:
With RSI dropping below 60 and hovering at 55 mark may provide a support for a bounce back. This, it has done many times before. Hence, our 'Long' entry this week harbors 38000 being breached again and we then look at 38300 for us be optimistic.
The 'short' story can only begin if the RSI 45 is begin down and sustained. We will look at it then. Our levels from last week, with a few adjustments may hold true
*** This is a view and not necessarily a trade recommendation ***
However, If you like my idea..., hit like, follow me, and do spread the word.
Last week:
Neither of our levels were made for us take an entry. With weekly RSI at 1600, market played that range. Mostly because of the surge it had since 30th December, sellers had to make money.
This week:
With RSI dropping below 60 and hovering at 55 mark may provide a support for a bounce back. This, it has done many times before. Hence, our 'Long' entry this week harbors 38000 being breached again and we then look at 38300 for us be optimistic.
The 'short' story can only begin if the RSI 45 is begin down and sustained. We will look at it then. Our levels from last week, with a few adjustments may hold true
*** This is a view and not necessarily a trade recommendation ***
However, If you like my idea..., hit like, follow me, and do spread the word.
Trade closed: target reached:
Short Target 1 reached
