Harmonic pattern likely to be formed in Bank Nifty. The same is coinciding with a strong support band of 21200-21050. Enter trade only if positive RSI divergence is seen. Views negated below 21050. Note - Views only for educational purposes, not a trade recommendation.
ITS A HARMONIC BUTTERFULLY PATTERN TREND REVERSAL GOING ABOVE TARGET 1 - 11150 TARGET 2 - 11300 THIS NO VALID BELOW 11000 WE HAD TO TAKE SELLING OPRTUNITY
Breakout Traders: When the price breakout the trend line after making the 5th or 7th swings and closes outside the pattern, a breakout is confirmed. Breakout may happen in positive or in a negative direction. Depending upon the market condition and the position of the pattern in the chart, bullish and bearish happens.
Nifty Pharma has activated a Bearish Harmonic Alt Shark in weekly time frame. A shallow correction wont breach 10500-10750 while a deeper one would test 9500. View negates above 11500
Nifty: Monthly range 11350-10725 Weekly support 11050 resistance 11350/11475/11750 Daily support 11000/10850 resistance 11300 Hourly Butterfly at 11025, if it fails to hold then 10900 likely. Bank Nifty: 21000 crucial level for any attempt to bounce/reverse back for 22700 and above that rally till 23750-24000
Short at the levels when levels executed.....
GOLD if it manages a MONTHLY "close above $1825" (all time high) it will activate probable targets of $1975 & $2075
It has made a Bearish Harmonic Alt Shark near the trend line resistance. It could retrace till 220, view negates above 238
The WEEKLY time frame has activated a Bearish Harmonic Shark. If it sustains below 1250 then it could retest 1200 and below that 1075. View would negate above 1270
Both CNX FINANCIALS & NIFTY PVT BANK indexes have made Bearish Harmonic AB=CD which also happens to be v close to their weekly & monthly Ichimoku resistance. Financials could retrace till 10500 while Pvt Banks could retrace till 11500. View would negate if they move and sustain above 11500 & 13100 respectively.
As per charts. Today's trade. Future Reference
It has made a Bearish Harmonic Deep Crab here. It could do a pullback till 825/800 provided it does not go above 885.
BUY ORIANT ELECTRIC Above 505 Hourly closing basis With stoploss 185 For target 230,254,280