BNF Intraday view for 02-07-2021
Updated
Good evening all,
As mentioned last evening, 34650 remains a strong support level and is our PRZ level at 88.6%. This means the bear run might just see the end.... Or will it? For it to continue, 34500 level needs to be breached and we may then see 34400 and if that breaks 34100 (in one day....hmm... may be not).
However, if the sentiment from June 28th has to be reversed, then, 34900 is your threshold. Break out over 34900, will see 35200.
This also means you have good trade zone 34900 and 34650 where you trade at the bottom and top both, and with a SL of 100 points and target of 200 points. So a RR of 1:2
*** This is my personal view and not necessarily a trade recommendation ***
As mentioned last evening, 34650 remains a strong support level and is our PRZ level at 88.6%. This means the bear run might just see the end.... Or will it? For it to continue, 34500 level needs to be breached and we may then see 34400 and if that breaks 34100 (in one day....hmm... may be not).
However, if the sentiment from June 28th has to be reversed, then, 34900 is your threshold. Break out over 34900, will see 35200.
This also means you have good trade zone 34900 and 34650 where you trade at the bottom and top both, and with a SL of 100 points and target of 200 points. So a RR of 1:2
*** This is my personal view and not necessarily a trade recommendation ***
Trade closed: target reached
While the day started with a minor Gap up, we saw the chart hit 34650 level and move up top 34900 and settle between that range at 34800-850.So a good move of 250 points one way and if you did short from 34900, then, 100 points bonus.
Hope you had a successful trading day
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