NSE: BankNifty technical momentum pull back for 27000
On weekly chart it shows short and trend seems to be Short,
It is possible for a bounce back momentum play on long side
Looking at triangle formation and Fibonacci retracement levels
Possible to go long @ current level with stoploss at 26639/600 for target insight at 27000, 27112.
At 27000, 27112 seems to be a possible resistance level.
Technical bounce back play
Levels might be possible to hit in 2-3 days
Use stop loss
It is possible for a bounce back momentum play on long side
Looking at triangle formation and Fibonacci retracement levels
Possible to go long @ current level with stoploss at 26639/600 for target insight at 27000, 27112.
At 27000, 27112 seems to be a possible resistance level.
Technical bounce back play
Levels might be possible to hit in 2-3 days
Use stop loss
Comment:
Pullback from stop loss at 26639/600 worked well, Made high of 26996.
Trade closed: target reached:
First target 27000 achieved. touched high 27099
Trade closed: target reached:
Second Target 27112 Reached on Feb 25 with High of 27197 , Total gain 470+ Points
