Banknifty is in falling channel since last few weeks and in my view there were couple of trapping candle breaking it down but price then immediately went inside the channel again. Current price is is at 61.8% retracement level from Sept low to ATH, this may act as good support for a bounce back. Risk to reward is not in favour of shorts here...
Let's see if we have a bullish expiry after 5 continuous days of red candles.
Let's rock. Happy Trading.
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The setup still looks valid, recent swing low protected and the entire day held through the fibo zone and closed above it with a good reversal / halt candle ...
Expecting some short covering to trigger soon
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Channel still intact and see what a recovery today :)
Hope this helped
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Going good so far.
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How's is it going guys :) did you enjoyed this analysis ...pls do comment :)
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Hmmm all good so far .... :)
Trade closed: target reached
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After reaching channel top...facing the heat.
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Almost touched the channel bottom again....watch out again for some reversal / pullback from here
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As expectedly ...mentioned that watch out for reversal pattern here ....trapped once again but got back into channel with in next two sessions itself
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These were some of the notes which i had earlier prepared on my chart last week, I didn't posted it here but now the setup looks more ripe witha morning star and weekly Inside candle breakout ...#Banknifty is going to roar more and more