Where will Bajaj Auto head to ?
• Bullish Bat Harmonic Pattern formation is seen (Uptrend)
• Bear flag pattern is seen (Downtrend)
• Todays close is exactly at 200 EMA and taking 3rd time support on the Bear flag pattern channel (Support)
• Last 3 candle sticks form three black crows candle stick pattern (Downtrend)
• Recent swing retracement...
NSE:BANKNIFTY A bear flag breakout is evident in the 2H chart.
The pole was a decent bear trend down after rejection at the top of the trading range post a failed breakout.
The fib level coincides with the demand zone which also happens to be the bottom of the trading range.
The higher probability trade however is to go long at the demand zone.