Banknifty Analayis
Updated
Banknifty after a extreme bullish view posted way back (link in related idea section) has achieved most of the upside targets. The current weekly candle is not looking promising which has also formed on the top line of pitchfork which I had drawn long back, On weekly charts it has made a rising wedge kind of pattern and it has also not retested the previous ATH breakout as such (41800). This level is also around 38% fibo retracement of current swing from Sept low to latest high.
Some cool off in BN may be worth here ....
Some cool off in BN may be worth here ....
Note
View worked perfectlyTrade closed: target reached
BN slowly cooled off from pitchfork top line to median line in last 2 months ...now making double bottom on weekly timeframe at median line. Further positional shorts are very risky
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