Hello Trader, Here is the full analysis of BANKNIFTY:
1) Monthly - This support can be tested at 19900 of two supports are broken
2) Hourly - It is forming lower highs and lower lows and is below the trend line and can test this trend line to break upside.
Action
Due to the huge volatility in prices and weak markets globally one can see a downfall to test support 1 and support 2 levels. There is a significant fall in Dow to -1417 and this is huge fall straight 2 days. One can look for shorting opportunity for levels 20370 and 20130.
If the trend line is broken upside then we can look for long opportunity for level 20820 and 21100 level
Current market
NASDAQ 9,641.67 -378.68
SGX NIFTY (Jun 11) 9,599.00 -254.00
Dow futures 25,544.0 -1417.0
Technical Indicators:
Moving Averages Bearish
Technical Indicators Bearish
Moving Averages Crossovers Bearish
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1) Monthly - This support can be tested at 19900 of two supports are broken
2) Hourly - It is forming lower highs and lower lows and is below the trend line and can test this trend line to break upside.
Action
Due to the huge volatility in prices and weak markets globally one can see a downfall to test support 1 and support 2 levels. There is a significant fall in Dow to -1417 and this is huge fall straight 2 days. One can look for shorting opportunity for levels 20370 and 20130.
If the trend line is broken upside then we can look for long opportunity for level 20820 and 21100 level
Current market
NASDAQ 9,641.67 -378.68
SGX NIFTY (Jun 11) 9,599.00 -254.00
Dow futures 25,544.0 -1417.0
Technical Indicators:
Moving Averages Bearish
Technical Indicators Bearish
Moving Averages Crossovers Bearish
How can you support me:
1) Like my idea.
2) Follow me for more analysis
Feedback :
Please share your feedback in comments and this will help me to improve my drawing and analysis
Note: This is purely for educational purpose.