BANKNIFTY Analysis

Updated

observations::
price again proven that a sign of bearishness....
Price broken our POI for sell,moving slowly to the upside...
broken the trendline..in smaller time frame and fall back...no oppurtunity to enter long...
today we have a major trendline if this trendline again acts as resistance...it will again fall back..
the big red candle is pushing the price little up...
An decending triangle is formed....which is also a sign of bullishness from the previous resistance level...
without knowing we cannot take entry on buy side...
will wait for trendline break and retest....to go long from resistance acts as support.

Note

key levels to watch...if tomorrow price again breaks 45000 level...on retest from above supply will go for buying up to bearish gap.

Note

don't enter long..without confirmation....it will test the resistance...that red candle is rejecting...

Note

gap may acts as resistance...

Note

until don't go for short...
price has to break the trendline...and retest...

Note

price created a channel...wait for breakout or breakdown....

Note

price is at our POI for sell....

Note

if they want to eliminate all sellers...price will test 45000 zone again.

Note

going long is tough....after break of trendline and retest..

Note

Don't worry those who missed today...will get an opportunity tomorrow.

Note

Exit few quantity....

Trade closed manually

IIT-Trader

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