As we can see the price has been breakdown from the rising wedge in past and gave a nice down movement and now it's retesting the trendline and gave a fakeout so the more chances of banknifty is to go down as per my analysis !
let me know what's your views ?
Yesterday we had suggested a short when Nifty was at 14617 odd levels.
Going forward, Stop loss for the Short trade can be revised from the upper green trend line to 14686
Take care &safe trading...!!!
Looks like MuthootFin is absorbing as many quantities as possible for a strong breakout. Triangle Squeeze + Two Fake outs = strong breakout possibilities.
I hope you will benefit from this knowledge
Resolution - 4 Hours
Probable Fake Breakdown Reversal Alert.
One can plan an entry at the current price, with a stop loss of around $11040.
Target - Open (or trail with 50DEMA, since it has reclaimed it today)
Microsoft has been moving along 50 days EMA. It broke that support yesterday and is currently right back at it. Important for it to reclaim the 50 days EMA and move up along with it.
On hourly charts, it has given a probable fake breakdown reversal alert .
One can plan an entry at the current price ($210), with a stop...
I did apply the same strategy on 1H chart. Those who followed would have made nice profit.
If this strategy works on the 4H chart, the profits could be even better.
Manage your trades well.
Notes on the chart.