BEARISH FLAG IN BANK NIFTY - TIME FOR A SHORT TRADE ?
Updated
Symbol - BANKNIFTY
CMP 51350
BankNifty has turned its trend from bullish to bearish & sideways making lows - lows on daily time frame & It was trading in a bearish channel. We can see a Bearish Flag pattern getting formed in BankNifty. Such patterns on larger time frame don't usually fail. BankNifty is currently trading near break down trendline of this pattern. Breakdown & sustaining below this trendline zone 51150 - 51000 will get this pattern activated & we can see big target towards downside.
Target on downside can be 47400
P.S. : My short position is already active from 51800
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
CMP 51350
BankNifty has turned its trend from bullish to bearish & sideways making lows - lows on daily time frame & It was trading in a bearish channel. We can see a Bearish Flag pattern getting formed in BankNifty. Such patterns on larger time frame don't usually fail. BankNifty is currently trading near break down trendline of this pattern. Breakdown & sustaining below this trendline zone 51150 - 51000 will get this pattern activated & we can see big target towards downside.
Target on downside can be 47400
P.S. : My short position is already active from 51800
Disclaimer - Do not consider this as a buy/sell recommendation. I'm sharing my analysis & my trading position. You can track it for educational purposes. Thanks!
Trade active
CMP 51000
Holding short position. Holding with CTC SL.
Note
CMP 50088
Short position 1712 rupees in profit. Holding with trailing SL.
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