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Bank Nifty Multi-Month Head & Shoulder Neckline Re-test

Short
Nifty Bank Index (NSE:BANKNIFTY)  
msk_analysis  
NSE:BANKNIFTY   Nifty Bank Index
Head and Shoulders bnf
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headandshoulders bnf

A Head and Shoulders pattern is used in technical analysis which occurs when a massive reversal in the ongoing trend in the market happens occurs. The chart pattern of Head and Shoulders is marked by three successive peaks:

Original Trend of BNF - bullish

The Left Peak or the left shoulder
The Centre Peak or the head
The Right peak or the right shoulder

Reversal - when breakdown from Neckline happen - last week of Feb 2022

Re-Test of Neckline - 17 March

Breakdown continuation - 24 March


Higher the duration of formation - Higher is the probability of aggressive breakdown


the SL and Target both in the case of BNF are gap zones - Let's see what gets filled first


Happy Trading
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