Banknifty analysis - logic and plan
EXPLANATION : This is a 15 min time frame chart of BANKNIFTY . It has been in a consolidate for days and has formed Symmetrical triangle pattern . If give a strong breakout and broke its trendline with volumes and has retested the same. I am bullish on BANKNIFTY . If give a strong breakdown and broke its trendline with volumes and has retested the same , I am bearish on BANKNIFTY . Enter as per your setup .
A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend , while a breakout from the upper trendline indicates the start of a new bullish trend .
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A symmetrical triangle chart pattern represents a period of consolidation before the price is forced to breakout or breakdown. A breakdown from the lower trendline marks the start of a new bearish trend , while a breakout from the upper trendline indicates the start of a new bullish trend .
If you like the analysis give a Like // Follow for more updates , let me know in comments below :)
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