Banknifty

BANKNIFTY
• Weekly chart shows An insidebar & Double bottom Pattern in the range from 17218 to 21517.
• Daily chart look like a Triple bottom pattern as the same range of weekly.
• In 1 hr a trendline breakout happened & index towards the Resistance level of 19550
After Breakout of R-19550 Level
Tgt-20245
SL-19100

Comment:

Breakout doesn’t work all time without the real potential, otherwise it must be a “Trap”
For dealing the Tarp, we need to apply some filters like Price, Time & Friday Close to reduce the number of false signals (or) Whipsaws.

Comment:

19500 may Act as psychological resistance

Comment:

This is for only Education purpose not for Trading
just watch, what is going on?

Trade closed: target reached

Comment:

Revised Tgt-20145

Comment:

1hr & 15 min. Showing divergent in RSI
So Expected correction

Trade closed: target reached:

All my tgt achived