UnknownUnicorn4260559

Bank Nifty : Ascending Triangle

Short
NSE:BANKNIFTY   NIFTY BANK
Bank Nifty has broken out from Ascending Triangle on daily chart . Index which was sustaining above 20 DEMA in this bull run has just closed below it. RSI is showing negative divergence on chart. Target of the pattern in 28400 which was the high of bank nifty in Aug,18. Ascending triangle is continuation pattern but can be traded to either side breakout from the pattern. 28250 is 38.2% retracement of this bull run from 24000 to 30600.

Sell Bank Nifty on close below 29640 with stop loss above 30000 for target 29000-28400.
Trade closed: stop reached