A Simple Pull Back Price Pattern - Bank Nifty
Bank Nifty is trading within a range, with the resistance zone at 22479 and support zone at 20926. Price formed a simple pull back price pattern. The high of the mother swing is at 22344 and the low at 21327. From the high of 22344 price retraced by fifty percent and formed a swing low at 21769. Today price opened with a gap up opening and formed a swing high at 22343. One can look for buying opportunity above the level of 22345. The invalidation levels for the current high probability long trade setup is at the levels of 21765.
Disclaimer
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
Disclaimer
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
Comment:
Trail the Stop-Loss to recent Swing Low at 22040 and observe price action at the current resistance zone of 22480 and 22425.
Trade closed manually:
An AB equals CD price projection is at 22879. Price reached 100 percent of price projection of the prior leg of AB and made a new high at 22198. This zone of 22918 can act as a potential Price Reversal Zone (PRZ). Close and exit from the existing Long positions.