BANKNIFTY – Symmetrical Triangle Breakout (Daily)
One can trade in Banknifty futures or Banknifty ETF
BANK-NIFTY Symmetrical Triangle Breakout Confirmed
Bank Nifty Futures has finally broken out of a multi-week symmetrical triangle pattern on the daily timeframe. The breakout suggests a potential shift in momentum in favor of the bulls after an extended consolidation phase.
📈 Bullish Levels
* 56,590 – Immediate target
* 57,477 – Major resistance
* 58,800+ – Pattern-measured move objective
📉 Risk Levels
* 54,405 – First support
* 53,799 – Strong support
* 53,180 – Breakout failure level
RSI is also showing improving momentum by moving above the 50 zone, adding confidence to the breakout structure. Traders may look for follow-through buying and volume confirmation for higher targets.
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always use proper risk management and conduct your own research before taking any trading decision.
One can trade in Banknifty futures or Banknifty ETF
BANK-NIFTY Symmetrical Triangle Breakout Confirmed
Bank Nifty Futures has finally broken out of a multi-week symmetrical triangle pattern on the daily timeframe. The breakout suggests a potential shift in momentum in favor of the bulls after an extended consolidation phase.
📈 Bullish Levels
* 56,590 – Immediate target
* 57,477 – Major resistance
* 58,800+ – Pattern-measured move objective
📉 Risk Levels
* 54,405 – First support
* 53,799 – Strong support
* 53,180 – Breakout failure level
RSI is also showing improving momentum by moving above the 50 zone, adding confidence to the breakout structure. Traders may look for follow-through buying and volume confirmation for higher targets.
Disclaimer: This analysis is for educational purposes only and should not be considered financial advice. Always use proper risk management and conduct your own research before taking any trading decision.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.