Nifty Bank IndexUpdated BANKNIFTY November 09, 2023
Descending Triangle Pattern Emerging in Bank Nifty 15-Minute Chart
The trading session for theBANKNIFTY commenced with a bearish sentiment, and the ongoing tug-of-war between bulls and bears has resulted in the formation of a descending triangle pattern. This pattern is typically associated with bearish tendencies. However, it can also signal a period of consolidation where the support is too strong, potentially leading to a trend reversal.
To assist in identifying potential trading opportunities, key support and resistance levels have been plotted. It is crucial to exercise caution and only enter positions once the trend becomes evident.
Please consider liking and following for further technical analysis insights.
The trading session for the
BANKNIFTY commenced with a bearish sentiment, and the ongoing tug-of-war between bulls and bears has resulted in the formation of a descending triangle pattern. This pattern is typically associated with bearish tendencies. However, it can also signal a period of consolidation where the support is too strong, potentially leading to a trend reversal.To assist in identifying potential trading opportunities, key support and resistance levels have been plotted. It is crucial to exercise caution and only enter positions once the trend becomes evident.
Please consider liking and following for further technical analysis insights.
Note
Cup and handle pattern forming in 30 minutes candle!
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.