Last week, we saw a huge sell-off, that resulted in the formation of a shooting star. Such a pattern has major implications if it is seen at top of the trend. It depicts sentiment reversal.
Last, to last week we saw a dark cloud formation, now the following candle is a shooting star.
It clearly shows the overall sentiment.
Same thing you would observe if you see,...
On daily chart banknifty looks weak as it formed shooting Star pattern with negative divergence.
Details of SL , low of second candle and 1:1 target mentioned in the chart.
We can short when it breaks low of second candle. Just remember it's on daily chart it will take time.
One candle per day.
Nifty has formed bearish engulfing on daily basis and shooting star in a weekly chart.
Dual bearish candle at downtrend line showing weakness in Nifty.
RSI is in overbought zone and now started moving down from above 80 to 70 level.
Short term trend is still bullish but below 17700 or breaking below regression line, trend will reverse.
Nifty Short below...