An easily spottable head and shoulder pattern is forming here if it breaks this zone which is also a 50% Fibonacci level, it can fall towards 184-180 levels, but if it holds this support zone
then there are chances that it will touch 200 levels soon, for that to happen it need to cross and sustain above 194.
Trade accordingly
then there are chances that it will touch 200 levels soon, for that to happen it need to cross and sustain above 194.
Trade accordingly
Trade closed manually:
As I have described above that a clear head and shoulder breakout has happened, today the price fell towards the downside and made a low of 186.50. for risk-averse traders, it's better to avoid the market like this if you are not confident. If anyone is holding a sell-side position one can start booking some partial profit. Talking about bank nifty on an hourly chart it's at the 200 Day EMA, on the downside 21772.82, 21575.55, and 21441.93 will act as a support level. In accordance to this, there is still some downside left in SBIN till 180.
Plan your trade accordingly.
Plan your trade accordingly.