bijoy2526

GAP DOWN OPENING AND SMALL BULLISH CANDLE.

NSE:BANKNIFTY   NIFTY BANK
low of the candle rests on target 5 and and today's close above target 6 .
as body of the candle is small does not signifies enough,might be expiry effect
but if the low of this candle is broken one can go short for further down side.
one thing to be noticed bank nifty has retraced from the warning line of the pitch fork.
hence probability of its down side movement is more.
only concern bank nifty has bounced from 50 percent retracement of the very recent up move (from target 3 and target 8)
whether it is due to expiry or not we should watch.
tomorrow scene will be clear.

Comments

As of now this small candle a thrusing line -is a continuation pattern - and that too after a bearish engulfing... so as you mentioned the tendency seems to correct downward... - but how much is the golden question ?
Reply
@sabu_m, yes you are right.let us see ,
Reply
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