19 Apr - BNF made a low of 30405 - very near to its starting point - took 40 trading sessions to do that
after which it has been making some higher high and higher lows since the last 32 trading sessions with multiple bars and one single bar that was on last Friday.
what does this mean
the bullish texture is very much intact and as season is over it just need some external trigger to fire. That may come from global markets outlook or any package declaration by the Indian govt or whatsoever..
from a trading perspective what can be a safe bet here
- if the weekly close if above the strong , it can be safely assumed that BNF is going to touch ATH again
- if the daily close is above the upper resistance line of the , it can also be taken as a safe trigger
if you are an aggressive trader and prefer taking early trades, take a long trade and SL should be 35000 because if it goes below 35000, the next stop to 34300 would be very quick.
Now let's say, we don't get any external trigger soon, then the possibility of BNF testing its cannot be ruled out.
from , again fresh long trades can be taken
Thursday and Friday - US economic data regarding Jobs is strong but missed estimated. The contrarian view is - if the jobs data gets very strong the feds would start clamping present an extra accomodating stance. NASDAQ made a strong green candle that is positive. NIFTY if you look at is already 250 pts higher than its previous ATH .
Will BNF play the catch-up game? The chances of that happening is very high and when BNF starts rolling, that would be aggressive.
The Technicals are already drawn on charts, Hope this helps
BNF is stuck in a range can keep giving volatile moves.. either wait for a strong support zone or breakout over the resistance zone
there is 16 Jun Fed Meeting.. that may be a trigger to set the direction
Learning is a continuous process - 8 out of 10 trades will always teach you something new , so learn something that helps and unlearn few things to be more efficient