bijoy2526

BANK NIFTY clear sign of reversal on 23/07/2021.

Long
NSE:BANKNIFTY   NIFTY BANK
On there occasion I had expressed my view at the week ends.
This time on 23/07/2021 It appears down trend of bank nifty has been arrested.
On 20 th July it made a low of 34357,Twice it attempted to break that low
on both occasion it failed to do so.
Pitch fork it self depicts the trend reversal.
Bank nifty has fallen all the way from uml (upper median line ) to wl(warning line)
of the pitch fork. Exactly from wl(warning line) It has reversed.
stochiastic is in over sold bought condition hence a little pull back is expected but not much.
As bank nifty has twice tried to retrace deep to take out the low 34357 but had failed
I don't expect another deep retracement.
this low of 34357 will be protected in near future.
please go through my post of weekly chart.
don't forget to like my post.
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Comments

Hello sir, I have one question. how do you draw pitchfork lines and mark median and warning lines?
Reply
bijoy2526 SureshKumarPolisetty
@SureshKumarPolisetty, All that you have to pick up three important pivots. More practices needed to master it.
It has been one of my fav tool since when I started trading .
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