TREND IS YOUR FRIEND
Updated
Hello Guys I am sharing the daily chart of Bank nifty with indicator Super trend plotted on it as you read the title that of this idea that trend is your friend so I choose super trend for some identifications apart of price action, So I am sharing this idea purely for educational purpose that is why the reason I am not tagging this idea in short category and second reason is that I am so late for a fresh short specially in this instrument Although I published an idea like this on Nifty but did not noticed this index at that time but some how it can help out for those who remained as a short position or those who want to add on dips with well placed supports.
💡 So as we can see that it made a rounding top by taking a resistance by curved trendline and some how got rejected by both (Super trend) at the same time and marching towards it's supports so as of now 37900 is looking good support zone by Super trend indicator.
💡 PRICE ACTION SUPPORT-:
This is identified by price which is you can say that was previous resistance now can act as a support
💡 Probably it can or it will work for Trend traders,
💡 Comments, likes, suggestions and Rectifications are most welcome
💡 Trend is your friend always try to follow this do not try to oppose it ✌️
𝐍𝐎𝐓𝐄-: 𝐓𝐇𝐈𝐒 𝐈𝐃𝐄𝐀 𝐈𝐒 𝐎𝐍𝐋𝐘 𝐅𝐎𝐑 𝐄𝐃𝐔𝐂𝐀𝐓𝐈𝐎𝐍𝐀𝐋 𝐏𝐔𝐑𝐏𝐎𝐒𝐄.
𝐑𝐞𝐠𝐚𝐫𝐝𝐬-: 𝐀𝐦𝐢𝐭 𝐑𝐚𝐣𝐚𝐧
💡 So as we can see that it made a rounding top by taking a resistance by curved trendline and some how got rejected by both (Super trend) at the same time and marching towards it's supports so as of now 37900 is looking good support zone by Super trend indicator.
💡 PRICE ACTION SUPPORT-:
This is identified by price which is you can say that was previous resistance now can act as a support
💡 Probably it can or it will work for Trend traders,
💡 Comments, likes, suggestions and Rectifications are most welcome
💡 Trend is your friend always try to follow this do not try to oppose it ✌️
𝐍𝐎𝐓𝐄-: 𝐓𝐇𝐈𝐒 𝐈𝐃𝐄𝐀 𝐈𝐒 𝐎𝐍𝐋𝐘 𝐅𝐎𝐑 𝐄𝐃𝐔𝐂𝐀𝐓𝐈𝐎𝐍𝐀𝐋 𝐏𝐔𝐑𝐏𝐎𝐒𝐄.
𝐑𝐞𝐠𝐚𝐫𝐝𝐬-: 𝐀𝐦𝐢𝐭 𝐑𝐚𝐣𝐚𝐧
Note
BEARISH AS IDENTIFIEDNote
WEAK CLOSE BELOW FROM LAST WEEKNote
KEEP A WATCH FOR COMING WEEK🤝✌️
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