Nifty Bank on day charts seems evenly poised for a ride either way, perfectly paused around this level of 37000, it can either travel towards the upper Bollinger band which is somewhere near 38910 or it can drift away down towards lower band which is near 35246
Having said that and After seeing the charts some observations that came up are like
1. Continuously for three days it has been closing above the level of 37001.15 which as per the fib retracement is 0.236 level
2. After 4th November since it glided down the BB basis, it's the first time it has again jumped above towards the BB basis
3. It is this same level of 37000 and same point on the BB basis from where it had taken off for a giant leap, see the candle of 1st Oct 21
4. After an area of divergence, RSI 14 is moving upwards and aiming to cross 50 from below
5. MACD is showing positive trend, initiation of a bullish crossover and histogram turning strong and green
Might be we are on to a new rally in BNF 🚀🚀
not at all something like a trade advice
#DYOR #DUE_DILIGENCE
Having said that and After seeing the charts some observations that came up are like
1. Continuously for three days it has been closing above the level of 37001.15 which as per the fib retracement is 0.236 level
2. After 4th November since it glided down the BB basis, it's the first time it has again jumped above towards the BB basis
3. It is this same level of 37000 and same point on the BB basis from where it had taken off for a giant leap, see the candle of 1st Oct 21
4. After an area of divergence, RSI 14 is moving upwards and aiming to cross 50 from below
5. MACD is showing positive trend, initiation of a bullish crossover and histogram turning strong and green
Might be we are on to a new rally in BNF 🚀🚀
not at all something like a trade advice
#DYOR #DUE_DILIGENCE