BANK NIFTY convergence of three daily moving averages
Updated
20,50 and 200 dma have converged with each other.
At present 50 dma (black) has crossed below 200 dma (red) dead cross over
20 dma (greeen)has crossed above 50 dma
and bank nifty has closed below 200 dma and 20 dma
this type of occurrence has happened after many days perhaps after October 2020
in that case there was golden cross over 50 dma has crossed above 200 dma.
whenever such convergence of daily moving averages happens after that we normally get directional trend.
Looking at the chart of bank nifty some uneasiness prevails.
Of course bank nifty has bounced from a critical support today.
But has closed below 200 dma and 20 dma and holding on to 50 dma.
In coming 2 to 3 days we can find out whether c wave of this correction has ended or not.
don't forget to like this post and follow me to get updates
At present 50 dma (black) has crossed below 200 dma (red) dead cross over
20 dma (greeen)has crossed above 50 dma
and bank nifty has closed below 200 dma and 20 dma
this type of occurrence has happened after many days perhaps after October 2020
in that case there was golden cross over 50 dma has crossed above 200 dma.
whenever such convergence of daily moving averages happens after that we normally get directional trend.
Looking at the chart of bank nifty some uneasiness prevails.
Of course bank nifty has bounced from a critical support today.
But has closed below 200 dma and 20 dma and holding on to 50 dma.
In coming 2 to 3 days we can find out whether c wave of this correction has ended or not.
don't forget to like this post and follow me to get updates
Note
Note
such type of convergence had occurred in October 2020 But at that stage it waspositive as there was golden cross over
Note
Note
I had suggested 3 targets Bank nifty has bounced from an important level .618level of recent rise.
Note
let us see if reversal takes place of not.
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