Descending channel in 4 hoursHope everyone is doing well.
Channel pattern has started on 15th April which is still following and market is within the range of this pattern. There was a slight deviation on 6, 7 and 8th of May month. From 11th May it has fallen again in the range.
As of today, channel top has touched one more time and strongly rejected at ~23717.
If the same pattern continues then we may see ~23000 first before breaking the pattern. Otherwise pattern breaks without touching it’s low then expecting retest at ~23694 for further ups till ~24336.
Let’s see how it goes, personally I want it to break and retest so the bullish momentum can begin.
Too soon to decide now let’s wait and watch the play.
Please note this analysis is purely for educational purposes only. Do take your financial advisor before taking any trade.
Long