Bank Nifty Trading Strategy for 12th Aug'2020
OI up by 19.51% and price up by 1.49%, shows very strong buildup on the long side.
Two harmonic patterns are detected:-
1. AB=CD, which gives a target of 22,294:- High was 22,276, hitting out 1st target.
2. CYPHER, which gives a target of 22,589 and Fibonacci target 22,372/22,550.
I keep on repeating, we are in a broad range of 21k to 23k and 22k is the pivotal point, just play the range until we have decisive breakout or breakdown, that's the untold story of the last 2 months.
Decision Zone 22,043- 22,130
Any stong move is only possible above 22,750.
Potential Reversal Zone is 22,372 - 22,550 if we see any reversal signal here, shorts can be initiated with SL of 21,750.
Trade what you see, not what you feel, trading is all about making money & nothing else.
Two harmonic patterns are detected:-
1. AB=CD, which gives a target of 22,294:- High was 22,276, hitting out 1st target.
2. CYPHER, which gives a target of 22,589 and Fibonacci target 22,372/22,550.
I keep on repeating, we are in a broad range of 21k to 23k and 22k is the pivotal point, just play the range until we have decisive breakout or breakdown, that's the untold story of the last 2 months.
Decision Zone 22,043- 22,130
Any stong move is only possible above 22,750.
Potential Reversal Zone is 22,372 - 22,550 if we see any reversal signal here, shorts can be initiated with SL of 21,750.
Trade what you see, not what you feel, trading is all about making money & nothing else.
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