Hello Traders, hope you all are doing amazing!
Today I will be showing you the daily chart overview of BankNifty, so traders as you can see, on the 1D chart a huge rising wedge pattern has been made which has recently broken down to 35327. Now here, I won't say I can see a double bottom but yes, I can definitely see a "W" pattern which will probably hit the lower...
The very first pattern you see on the chart is a flag pattern which has given a breakout (I usually wait for last kiss).
You can see a 38% fibo rejection at 873 levels which also acts as a support which previously acted as a resistance.
Lastly, you can see a breakout from the upper range of RSI i.e, 60 which can be another confirmation for an up move.
Sl could be...
First, 2260 acted as a resistance on 6th Nov'20 and it acted as a support on 26th Feb'21 and moved up from the support.
Second, if I apply the fibo retracement from 1912, you can see that market rejected the 61% fibo level at 2260, so again it touched the support and moved up.
Third, there is a bullish head & shoulder made from 1st Feb'21 to 25th March'21, 2483...
