Kinnari_Prajapati

Double Top reversal pattern plotted on BANKNIFTY.

NSE:BANKNIFTY   NIFTY BANK
Daily TimeFrame:
Pattern name, Double top

  • The prior trend was an uptrend.
  • 2nd peak has less than 3% penetration compare to 1st peak which is valid for the pattern.
  • Gap has seen in second peak.
  • Neck Line is clear at 26576.
  • A trough is rounded as per Double Top required.
  • a decline in the second peak with accelerated descent
  • Currently existed support at 28458 (resistance turned support).

After breaking 28458, we can see next level 27466 which is a retracement of 0.618.


All major supports and resistances are plotted on the chart from 2012 to 2020 with the strong and tight channel.

Here are two channels being seen in a large channel drawing a small channel inside a chart. A small channel having support which is sign for reversal at the support 28147(Resistance can be current support)

Comments

Very Nice Analysis, as always.

So in this case can I go with Buying ATM Put for Mar Series. Or should I wait for suitable time frame as Market as already down today.
+10 Reply
Fabulous as usual. Pls also advise strike for the PE. Thanks
+4 Reply
please update 30 min charts , waiting for analysis.
+1 Reply
Mam, Simply Superb!!!!!

Which strike price we should buy ? Expiry Date?
+1 Reply
Tgt acheive..
What next now??
Reply
A GREAT WORK DONE NY YOU MAM
Reply
Is this an intraday target please?
Reply
@oms250, no, I have to upload 30min chart for intraday trade.
+3 Reply