Boult2100

BankNifty - False breakdown below 18200?

NSE:BANKNIFTY   NIFTY BANK
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For BankNifty , 38% retracement till 17800-900 ( of the entire upmove from 13400 to 20575) is pending in this leg of correction, currently hanging in between. 200 SMA is also around 17800. So 17800-17900 is likely to be touched, breaking below recent swing low of 18150-200, trap all the bears & move up sharply from there. :-)
Trade active: Banknifty broke the previous low 18187. Last price 18165..Closing below 18200 today will confirm the hypothesis. 17800-900 vl come fast.. higher odds vl fall hard today if not today then next week. Stop Loss 18350.
Trade active: Despite high volatility nothing has changed for BankNifty technically. Made a gravestone Doji (Bearish) on weekly chart. Difficult to hold 18200 next week. Let's see.

Comments

Thanks, good setup.
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