The Bearish Bat Pattern:
A B point that is less than a 0.618 retracement , preferably a 0.50 or 0.382 of the XA leg . In addition, these structures are excellent trading opportunities when they form at distinct levels of resistance.
Resistance 109-112 For targets 97 & support.
Refer charts Nifty looks to be forming ABCD pattern
in addition on Friday, it has crossed 200 DMA , that will give some bullishness in the coming sessions
Trade setup - once the price sustains above point B on chart in a 30 min candle, can go long with point B on chart as SL
P.S - Take an entry only after initial noise of the market settles, usually in...
Bank Nifty has formed AB =CD bullish harmonic
it was quite a volatile US market NASDAQ swinging from been up 1.9% and closing down - 2.1%. This may lead to indian markets opening GAP Down
Try to enter as near to SL for the maximum benefit of risk-reward.
Targets mentioned in the charts
Currently nifty has made bearish engulfing pattern on daily frame exactly at 0.618 retracement from its high of 12430 approx on 20th jan2020.
Also RSI is poping up hidden divergence at 0.618 retracement...
When we apply Harmonic pattern AB = CD we get D point at 5680 approx...as reversal zone.
So traders be careful... choose to sell on rise only
Nifty has formed Bearish ABCD Pattern.
We can go Short once nifty reaches near 10230 - 10250
Target 1 - 10100
Target 2 - 9900
SL - 10400
For Option Contract:
Sell - Call Option - 10300 CE
Sell - Put Option - 9500 PE
Buy - Call Option - 10400 CE
Buy - Put Option - 9400 PE
Disclaimer: Kindly do your own analysis before executing trade