Bank Nifty Forms Symmetric Triangle, Uptrend Ahead?
BANKNIFTY
Bank Nifty opened with a gap-up on Thursday, following global market sentiments and respecting the support-resistance levels. After the gap-up, the index fell and then formed a small ascending channel, which broke out at the end of the session.
On the 15-minute time frame, a symmetric triangle pattern has formed, indicating a further uptrend. If Bank Nifty continues to reflect global sentiments, we can expect to see a further uptrend. The fresh S/R levels have been plotted in the chart.
Happy trading!
BANKNIFTY
Bank Nifty opened with a gap-up on Thursday, following global market sentiments and respecting the support-resistance levels. After the gap-up, the index fell and then formed a small ascending channel, which broke out at the end of the session.
On the 15-minute time frame, a symmetric triangle pattern has formed, indicating a further uptrend. If Bank Nifty continues to reflect global sentiments, we can expect to see a further uptrend. The fresh S/R levels have been plotted in the chart.
Happy trading!
Trade active:
After forming an ascending channel, now consolidating and creating a flag pattern. It is possible that it can fire up to 43400.