Hello Traders, hope you all are doing amazing!
Today I will be showing you the daily chart overview of BankNifty, so traders as you can see, on the 1D chart a huge rising wedge pattern has been made which has recently broken down to 35327. Now here, I won't say I can see a double bottom but yes, I can definitely see a "W" pattern which will probably hit the lower band of the rising wedge pattern and fall down again, because if I pull a Fibo retracement from up 41871 to down 35257, we can see the retesting of the trendline will happen at the 50% level of the fibo retracement which is another confirmation that bears are really strong now.
Lastly, we can see that the 20D MA and 100D MA has crossed and moving downwards, which is another very good confirmation that bears are taking control over the bulls.
Now, you may ask where is the market heading to?
Well, as of now chances are really high for the market to fall till 34000-33970 which is the immediate support, but as we can also see a W pattern been made, if it is strong enough then bulls will pull it off because if we make another fibo retracement from 30436 to 41894 we can see that 36110 is the 50% level(though it crossed the 50% level, it really seems like bulls failed on their part).
So traders, this is what I see on the charts, lemme know what you think.
Please share your valuable thoughts and comments.
P.s- this is my own analysis and not a buy or sell call, before taking any trade consult with your financial advisor.
Rightly quoted by Warren Buffet, "You can't produce a baby in one month by getting nine women pregnant"
So guys, trade accordingly, be focused, dedicated and most importantly be patient.
Today I will be showing you the daily chart overview of BankNifty, so traders as you can see, on the 1D chart a huge rising wedge pattern has been made which has recently broken down to 35327. Now here, I won't say I can see a double bottom but yes, I can definitely see a "W" pattern which will probably hit the lower band of the rising wedge pattern and fall down again, because if I pull a Fibo retracement from up 41871 to down 35257, we can see the retesting of the trendline will happen at the 50% level of the fibo retracement which is another confirmation that bears are really strong now.
Lastly, we can see that the 20D MA and 100D MA has crossed and moving downwards, which is another very good confirmation that bears are taking control over the bulls.
Now, you may ask where is the market heading to?
Well, as of now chances are really high for the market to fall till 34000-33970 which is the immediate support, but as we can also see a W pattern been made, if it is strong enough then bulls will pull it off because if we make another fibo retracement from 30436 to 41894 we can see that 36110 is the 50% level(though it crossed the 50% level, it really seems like bulls failed on their part).
So traders, this is what I see on the charts, lemme know what you think.
Please share your valuable thoughts and comments.
P.s- this is my own analysis and not a buy or sell call, before taking any trade consult with your financial advisor.
Rightly quoted by Warren Buffet, "You can't produce a baby in one month by getting nine women pregnant"
So guys, trade accordingly, be focused, dedicated and most importantly be patient.