Short

CNX Financial

Updated

The introduction of the index into derivatives has come with a Bearish Alt Bat Harmonic pattern formed in Weekly Time Frame. A daily close below 15475 could lead to long unwinding that might make the index retest 15000 / 14000. The view would be negated if it breaks above 15700 on hourly closing basis (after activating a down move)

Note

Failure to hold 15300 would not be good for it in the short term

Note

Minimum expected retracement done today. Sustaining below 15000 on daily closing basis could take it to 14600

Note

It completed 2nd expected level of 14600 and gave an hourly Bullish Harmonic Bat reversal

Dinesh_C_Nagpal

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