sachinlanke

BANKNIFTY outlook on Weekly Chart - Testing Resistance

Short
NSE:BANKNIFTY   NIFTY BANK
Banknifty is retesting resistance levels which it failed to penetrate earlier. Downlink movement or retracement is possible in near short team since bearish divergence with price and MACD is formed on chart. Rising wedge formation on chart suggests the upward breakout in long term, but needs at least 6 weeks to get clear picture.

Next 2 weeks are important from future long term perspective. :-)

I will revisit and update this Idea again in next 2 weeks.
Comment: I feel BANKNIFTY fall today is a signal to the future correction which I had anticipated in my Idea. By this Friday, things will be pretty clear.
Comment: Banknifty closed as expected in this week. Reversal is very clear now. Next week to see more fall in Banknifty. Be ready. Good Luck.