BANKNIFTY@ Breakout or Consolidation??
Updated
observations::
--------->>Price is still in the range only, 44200- 43600 range only. we cannot predict the next momentum until price breaks this range.
------->>until keep in the buy side from 43400 and sell side from 44200 levels.
Use the principle range bound market, buy @ support and sell @ Resistance.
If we see the same chart in different way it looks like this,
Broken the trendline and retest of the trendline and falls below the resistance.
again rise from the support @43400 levels.
Until price breaks out of the range, we can clearly consider the BANKNIFTY is bullish in higher timeframes. so we are looking for buy opportunities only.
If we see clearly today price exactly closed @ resistance previous support may acts as resistance, and if price falls to below levels @43400 again will go for buying, because price is in range, for target of 44200 only.
if price breaks and gives retest will go for sell. Fake breakdowns and fake breakout may also happen.
--------->>Price is still in the range only, 44200- 43600 range only. we cannot predict the next momentum until price breaks this range.
------->>until keep in the buy side from 43400 and sell side from 44200 levels.
Use the principle range bound market, buy @ support and sell @ Resistance.
If we see the same chart in different way it looks like this,
Broken the trendline and retest of the trendline and falls below the resistance.
again rise from the support @43400 levels.
Until price breaks out of the range, we can clearly consider the BANKNIFTY is bullish in higher timeframes. so we are looking for buy opportunities only.
If we see clearly today price exactly closed @ resistance previous support may acts as resistance, and if price falls to below levels @43400 again will go for buying, because price is in range, for target of 44200 only.
if price breaks and gives retest will go for sell. Fake breakdowns and fake breakout may also happen.
Note
Note
Hence price is in consolidation, wait for breakdown or breakout of 2 zones.Note
Today we will see a slow momentum...Note
Check the multiple time frame analysis, gives you more possibilities.Note
Note
Price wants to go up .... possibility is there.Note
Note
Trade closed: target reached
Long side Done. Now waiting for reversal or continueNote
waiting for next move.
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