Nifty pvt bank good short candidate
Nifty PVT Bank spot CMP 16220.
Bearish BAT pattern formation.
PRZ in range 16600 to 16950
SLZ zone above 18050
Down side 14500 - 13500 - 12500 possible.
0.886 XA retracement completion around 16950
Equivalent AB =CD pattern completion around 16600
2% BC extension around 16640 levels..
RSI divergence :- Price making higher high, RSI making lower high, Bearish Divergence.
RSI overbought ,,if breaks below 80 levels and prices reverses from PRZ zone good retracement can be seen in Index..
Price trading above rising trendline indicate overbought as per price action..
Bearish BAT pattern formation.
PRZ in range 16600 to 16950
SLZ zone above 18050
Down side 14500 - 13500 - 12500 possible.
0.886 XA retracement completion around 16950
Equivalent AB =CD pattern completion around 16600
2% BC extension around 16640 levels..
RSI divergence :- Price making higher high, RSI making lower high, Bearish Divergence.
RSI overbought ,,if breaks below 80 levels and prices reverses from PRZ zone good retracement can be seen in Index..
Price trading above rising trendline indicate overbought as per price action..
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