Monthly retracement done, Weekly rejecting at the EMA. Daily has a bearish divergence at the top of the channel and yesterday was an engulfing bear. Prices opened with a gap down, testing it now and poised to fall further!
This is positional trading and not intra day trading!
A weekly channel completes its 3 wave and is at the upper end of the channel waiting for a breakout because just before there at the weekly chart, there was a bullish divergence in the MACD histogram. In the daily chart there is a head and shoulder pattern and the prices are at the neckline. An entry on the breakout would be suggested as that would be a breakout...
ACC has broken its resistance level of 1320 with High volumes. See the Price action to make sure it is not a false breakout and then enter for a long trade.
Please Note - All the green lines mean the support zone/demand zone
and all the red lines mean the resistance zone/supply zone.
Monthly retraced, weekly rejecting at the EMA. Daily bearish divergence at the upper end of the 3 wave channel. BankNifty is a short sell for big targets with a risk of 21800 levels. This is a positional trading and not intraday trading! If you want to do options, do a monthly option contract rather than weekly!
Daily has a bearish Divergence, 60 min is falling after a bearish divergence. Daily had a doji, now an engulfing bear (provided it closes like this). 60 min chart you can see a channel about to break! Use this to enter on the short side!