BANKNIFTY--Trendline or Bearish Gap??
Updated
After successfully breaking the trendline, the price exhibited a robust upward momentum, breaching the formidable resistance level at 45,100.
However, there's a notable bearish gap left at 45,650 levels on the upper side. Conversely, there exists a trendline on the lower side that could potentially propel the price upward again.
In this scenario, the trading strategy to consider is as follows: If the price retraces to these zones, it may present a buying opportunity at the trendline, with a potential plan to explore short positions near the bearish gap.
It's worth noting that, before attempting to close the bearish gap, the price might offer a retest of the trendline, providing traders with an opportunity to enter long again from this place.
Note::
A consolidation is going to observe while reaching the trendline, we have strong resistances below, buyers are attempting to take the price to higher levels from this places, but be safe at any place they can take the price again. Keep exit positions while testing these resistances.
Will see what happens in the next sessions.
However, there's a notable bearish gap left at 45,650 levels on the upper side. Conversely, there exists a trendline on the lower side that could potentially propel the price upward again.
In this scenario, the trading strategy to consider is as follows: If the price retraces to these zones, it may present a buying opportunity at the trendline, with a potential plan to explore short positions near the bearish gap.
It's worth noting that, before attempting to close the bearish gap, the price might offer a retest of the trendline, providing traders with an opportunity to enter long again from this place.
Note::
A consolidation is going to observe while reaching the trendline, we have strong resistances below, buyers are attempting to take the price to higher levels from this places, but be safe at any place they can take the price again. Keep exit positions while testing these resistances.
Will see what happens in the next sessions.
Note
Don't go long...Note
if price breaks the trendline...will look for short.Note
enter long... on break upside to bearishgap.Trade active
Note
Change you stop loss to above low and keep on buyside.Note
If stop loss hits, Bullish gap be finished.keep safe.Note
Safe ones change your stop loss to entry....Note
Book 50%Note
Rest exit at target or entry point.Note
Keep trail Note
If any body wants to exit...exit now, before the selling pressure comes.Trade closed: target reached
Trade closed manually
will see in the next session what happens.
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Also share your thoughts in the comments section.
Thanks for your Support **
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