Banknifty wedge pattern breakdown and near support
Updated
Banknifty after breakdown from wedge pattern given
vertical fall towards 50550
Important fib level to watch
61.8% : 50465
Improtant gap area low 49655.
Shorters should be cautious near above two levels as vertical falls mostly retraces fast on upside..
I am personally will not short near important levels and will wait for bullish pattern to form near support zone.
Discalimer : i am not SEBI registered.. study is only for educational purpose
vertical fall towards 50550
Important fib level to watch
61.8% : 50465
Improtant gap area low 49655.
Shorters should be cautious near above two levels as vertical falls mostly retraces fast on upside..
I am personally will not short near important levels and will wait for bullish pattern to form near support zone.
Discalimer : i am not SEBI registered.. study is only for educational purpose
Note
made high near 50800 till now from golden ratio support..
reminded not to short near important support
Note
50892 high madeNote
50942 high madeTrade closed: target reached
high made 51013.. profit booking advisable near psychological levelNote
51192 high made intraday...
banknifty moved as expected in morning analysis that
wedge breakdown with vertical fall tend to retrace fast on upside...
took the support of golden ration near 50465 and given a rally of 600+ points
in intraday... enjoy the profit
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