*FOR EDUCATIONAL PURPOSE ONLY!*
*CHARTS ANALYSED USING 9 AND 21 MOVING AVERAGES, MACD AND HISTOGRAM ONLY!
BANK NIFTY FUTURES
DAILY CHART
Moving Averages (9 & 21) are in a bearish trend, and I don’t see the required strength to be confident that a bullish reversal is on the way yet, but MACD and Histogram are giving signals of a bullish reversal. We can buy once we see a prominent crossover.
Candles are trading way below 21 MA.
Trend is not clear.
HOURLY CHART
The resistance at 36849 looks strong but we can see a breakout if candles crossover with strength.
MACD is in a bullish pattern, but Histograms is fading. This creates a doubt regarding the breakout I mentioned above.
Candles are above the 21 Moving Average which is a good thing but again, looks like a downward swing action could be possible.
The chart is in a sideways trend.
15 MIN CHART
A clean and clear bearish reversal in MACD and Histogram.
Candles are holding on to the 21 Moving Average and the bearish trend would be confirmed if the candles let go the MA.
There is nothing much to study, but the chart is weak for sure.
My final outlook would be of a downtrend. I am not expecting a huge correction, but a normal running correction could be coming tomorrow.
*CHARTS ANALYSED USING 9 AND 21 MOVING AVERAGES, MACD AND HISTOGRAM ONLY!
BANK NIFTY FUTURES
DAILY CHART
Moving Averages (9 & 21) are in a bearish trend, and I don’t see the required strength to be confident that a bullish reversal is on the way yet, but MACD and Histogram are giving signals of a bullish reversal. We can buy once we see a prominent crossover.
Candles are trading way below 21 MA.
Trend is not clear.
HOURLY CHART
The resistance at 36849 looks strong but we can see a breakout if candles crossover with strength.
MACD is in a bullish pattern, but Histograms is fading. This creates a doubt regarding the breakout I mentioned above.
Candles are above the 21 Moving Average which is a good thing but again, looks like a downward swing action could be possible.
The chart is in a sideways trend.
15 MIN CHART
A clean and clear bearish reversal in MACD and Histogram.
Candles are holding on to the 21 Moving Average and the bearish trend would be confirmed if the candles let go the MA.
There is nothing much to study, but the chart is weak for sure.
My final outlook would be of a downtrend. I am not expecting a huge correction, but a normal running correction could be coming tomorrow.