#banknifty analysis for 22nd Feb
Six days of consolidation, followed by one & half days of breakout and then four & half days of pullback consolidated support levels, that what I see.
35,400 - 35,600 is a very strong support belt, if holds we again move towards 37,000 to 37,900.
If the support breaks, 34,000 is on cards.
M patterns on harmonic are basically bullish patterns, which gives a higher probability of to price going up.
Decision Zone:- 35,916 - 36,125
Upper Targets:- 36,455 / 36,724 / 36,994 / 37,377
Lower Targets: 35,584 / 35,065 / 34,807 / 34,644 / 34,484
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
Six days of consolidation, followed by one & half days of breakout and then four & half days of pullback consolidated support levels, that what I see.
35,400 - 35,600 is a very strong support belt, if holds we again move towards 37,000 to 37,900.
If the support breaks, 34,000 is on cards.
M patterns on harmonic are basically bullish patterns, which gives a higher probability of to price going up.
Decision Zone:- 35,916 - 36,125
Upper Targets:- 36,455 / 36,724 / 36,994 / 37,377
Lower Targets: 35,584 / 35,065 / 34,807 / 34,644 / 34,484
One of the best forms of PA action is not to predict but to act on the price, chart tells you where, when & how to act on price. Wait for the decision points on the chart to act else don't trade.
E.g. One of the important DP is the weekly low, if the weekly low is broken, then only you will short else you won't.
John Maynard Keynes said, “the markets can remain irrational longer than you can remain solvent.” So be cautious and flexible as market conditions evolve.
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Regards,
SG
