Bank Nifty Weekly Technical Outlook - 04.07.2020
Bank Nifty formed an inside bar on weekly time frame and closed at 21852. On Monday price formed a bullish pin bar which indicated price rejection at previous swing low at 20926. Price formed a bearish pivot point reversal pattern at the end of the week.
The weekly volatility is at 6.7. The probable weekly returns is of 1400 points from the weekly close, with a measured move in increments of 330 points. The key level of the existing trend is at 20926 and the critical level at 19507. The point of control for the upcoming week is in the zone of 21685. Price staying above the point of control and surpassing the initial resistance zone of 22015 can find minor resistance in the zone of 22344 and major resistance in the zone of 22609. Price breaking the point of control can find minor support at 21356 and major support at 21026. On price breaking the major support zone one can also witness a break of up trend line which puts the existing trend in danger. But one has to wait for a valid trend line break and price action near the key level at 20926 will be of utmost importance.
Disclaimer
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
The weekly volatility is at 6.7. The probable weekly returns is of 1400 points from the weekly close, with a measured move in increments of 330 points. The key level of the existing trend is at 20926 and the critical level at 19507. The point of control for the upcoming week is in the zone of 21685. Price staying above the point of control and surpassing the initial resistance zone of 22015 can find minor resistance in the zone of 22344 and major resistance in the zone of 22609. Price breaking the point of control can find minor support at 21356 and major support at 21026. On price breaking the major support zone one can also witness a break of up trend line which puts the existing trend in danger. But one has to wait for a valid trend line break and price action near the key level at 20926 will be of utmost importance.
Disclaimer
All investments involve risk, and the past performance of a security, industry, sector, market, financial product, trading strategy, or individual’s trading does not guarantee future results or returns. Investors are fully responsible for any investment decisions they make. Such decisions should be based solely on an evaluation of their financial circumstances, investment objectives, risk tolerance, and liquidity needs.
Comment:
Price stayed above the point of control and surpassed the high of at 22015 and has reached the weekly major resistance zone 22609.
Comment:
Price recorded a new high at 22832, Trail the Stop-Loss for existing Long positions to the recent support zone at 22673.
Trade closed: target reached:
Price recorded a new at 23003. Exit all Positions.