Note: This is for educational purpose only.
Bank Nifty unable to break resistance (23100 - 23150) thrice. Moreover, there is a bearish ascending triangle breakout on daily chart. Same is reflected on RSI trend line as well. RSI below 50 indicates loss of bullish momentum.
COMPARING OF MY YESTERDAY STATEMENTS WITH TODAYS MOVEMENT IN BANK NITY
1. YESTERDAY I SHARED THAT CARRYING LONGS FOR THIS DAY. SEE BNF OPENED ALMOST 400 PTS GAP UP. MY RULE IS SIMPLE WHEN I GET THIS OPENING IN FORM OF GAP UP OR DOWN I WAIT FOR 5 MIN CANDLE EITHER TAKING SUPPORT OR TAKING RESISTANCE . I BOOK MY PROIT . IN TODAYS CASE SEE CANDLE NO 1 TOOK...
Bank nifty has broken the dow theory concept of Higher low and Higher high in weekly charts.
As per dow theory trend changes when the last higher low is broken, so we can clearly see a trend reversal in Bank nifty.
The last Higher low was - 26560, so if the BnF close below this by end of this week. Then we can expect trend changing.
Also two key Moving averages...