Bank Nifty formed a Hanging Man

Dec 11, 2022

After a great Rally price has created a Hanging Man Pattern in the Daily chart of #banknifty.
This Hanging Man has formed inside an Ascending Channel. Both of these patterns are Bearish in nature, hence expecting Bank Nifty to come down in near future.

Dec 14, 2022

Note

The hanging man pattern was taken out but the Ascending channel is still intact and today a Spinning Top has formed with a Gap up. Hence tomorrow's Price movement will be important.

Dec 15, 2022

Note

As expected, the price started coming down and a confirming 3rd has formed in the chart.
This is an Evening Star Bearish Pattern that formed in the Bank Nifty daily chart today. And the expectation is this Ascending channel and Evening Star Pattern will take the price down to the target mentioned in this analysis.

Jan 27, 2023

Note

Price has now come very close to the target.

Jan 27, 2023

Trade closed: target reached

And the Target has been achieved...