Triple bottom pattern appears to be formed on closing of 22nd trading session in BankNifty and price closed near supply zone, which indicates BULLISH REVERSAL.
We can wait for the trendline break to confirm the reversal or personally i will go long at the market opening since there is a Bullish engulfing candle formation in 15 min timeframe at the support level.
Or else Entry point can be activated if price breaks and closes above 50 EMA line
The targets can be achieved as below:
1st target - 44853.00
2nd target - 45001.00
3rd target - 45273.00
Analysis is just for educational purpose. Please do your own study before trading.
Happy Trading . Cheers :)
@Banknifty @BankNifty-Edu
We can wait for the trendline break to confirm the reversal or personally i will go long at the market opening since there is a Bullish engulfing candle formation in 15 min timeframe at the support level.
Or else Entry point can be activated if price breaks and closes above 50 EMA line
The targets can be achieved as below:
1st target - 44853.00
2nd target - 45001.00
3rd target - 45273.00
Analysis is just for educational purpose. Please do your own study before trading.
Happy Trading . Cheers :)
@Banknifty @BankNifty-Edu