Hello,
Bearish Harmonic Pattern was created in the BNF on 30th December and correct 1000 points.
There is on strong trend line from Feb 2016 is now act as a resistance.
On weekly chart Strong demand zone @ 30900-30700
As i only believe in price action, I don't trade and make my trading decision on the basis of any pattern. Same bearish harmonic pattern is created in the Nifty and DJI. There are two types of correction one is time wise and one is price wise. Nifty is showing a time wise correction and BNF is showing price wise correction. Other side after DJI is making new high.
So it's better to understand price action.
Somehow BNF higher time frem chart was damaged on 8th Jan when it broke 11th Dec low @ 31000. After that BNF is making lower highs.
Now Prv low @ 31000 and weekly Strong Demand zone @ 30900-30700 act as a major support and expect bounce from or above these levels.
Still all over trend is remain positive in BNF unless it will break and sustain below 30500.
Thank x
Trade Well
Bearish Harmonic Pattern was created in the BNF on 30th December and correct 1000 points.
There is on strong trend line from Feb 2016 is now act as a resistance.
On weekly chart Strong demand zone @ 30900-30700
As i only believe in price action, I don't trade and make my trading decision on the basis of any pattern. Same bearish harmonic pattern is created in the Nifty and DJI. There are two types of correction one is time wise and one is price wise. Nifty is showing a time wise correction and BNF is showing price wise correction. Other side after DJI is making new high.
So it's better to understand price action.
Somehow BNF higher time frem chart was damaged on 8th Jan when it broke 11th Dec low @ 31000. After that BNF is making lower highs.
Now Prv low @ 31000 and weekly Strong Demand zone @ 30900-30700 act as a major support and expect bounce from or above these levels.
Still all over trend is remain positive in BNF unless it will break and sustain below 30500.
Thank x
Trade Well
