BankNifty Beast mode on
Updated
BNF made a day move of more than 1200 pts yesterday and closed above the high of the last 9-10 days
It is now at major resistance, the upper side of a downward channel
it got rejected 4 times from that channel and now it's the fifth time - so why do I feel it's gonna break it this time?
- The candle size tells how strong the move would be - in all failed cases the GAP UP couldn't cross the channel top. This time the candle is so near the channel top that its a high probability that it gonna break it with GAP UP
- rsi is also at resistance - GAP UP will change the texture of this present move from earlier failed moves
the immediate resistance zone that is visible is 34000 to 34300
Once it goes past that zone its gonna end touching 35500 and 37200 very soon
Its a positional trade, so for overnight positions do hedge
SL, in this case, could be the green support zone marked on charts
Safe Trading
It is now at major resistance, the upper side of a downward channel
it got rejected 4 times from that channel and now it's the fifth time - so why do I feel it's gonna break it this time?
- The candle size tells how strong the move would be - in all failed cases the GAP UP couldn't cross the channel top. This time the candle is so near the channel top that its a high probability that it gonna break it with GAP UP
- rsi is also at resistance - GAP UP will change the texture of this present move from earlier failed moves
the immediate resistance zone that is visible is 34000 to 34300
Once it goes past that zone its gonna end touching 35500 and 37200 very soon
Its a positional trade, so for overnight positions do hedge
SL, in this case, could be the green support zone marked on charts
Safe Trading
Trade active
Trade active
what a move - 1200 pts
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