Breakdown study was applied on the BANKNIFTY which has appeared breakout. buyers can try this level, 30008. In fact two strong has it, another is at 29730. Sellers will continue to enter the market either new short or as long forced to liquidate until some point when buyers coming in. We are going to see high volatility in coming this week as I told you...
Time to go long. + divergence in RSI 179-180 look out for 203-205, sl 170 .stockdada.com
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Seems we are in final wave from the low of 17607 so caution should be exercised in long positions. Seems wave (iii) may have ended and Irregular Correction is unfolding in wave (iv). If its a case then Wave C can extend till 123%-138% of A, where initialing a long would be prudent. Negation above day high.
It is been observed that the price action is trending up on the daily chart and reaching above the 52w highs. Now, it is taking support at 86.50-87 levels and moving up again, indicating a trend continuation trade setup. Target: 91 Stoploss: 87