altinvest

Bank Nifty starting a Trend Reversal?? - Weekly charts

Long
NSE:BANKNIFTY   NIFTY BANK
Bank nifty has broken the dow theory concept of Higher low and Higher high in weekly charts.

As per dow theory trend changes when the last higher low is broken, so we can clearly see a trend reversal in Bank nifty .

The last Higher low was - 26560, so if the BnF close below this by end of this week. Then we can expect trend changing.

Also two key Moving averages are very close - 50 EMA is broken which was a good support for BnF and 100 EMA is also very close. If this is broken a huge downfall is expect between 5k to 7k points.

Comments

As per my analysis it will hit 23500 in near future
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