#BankNifty - Triangle broke out
Updated
Triangle is breaking out on the upside, waiting on Retest to enter a long position, there are always so many gaps on traditional markets hence I prefer to use Line chart instead of candlesticks for swing trading setups
will post a R:r setup in timeline once we CLOSE above the yellow trendline
weekly MACD is also printing bullish signal about to cross
also there is a double Bottom formed on the weekly time frame
I have posted some Bank charts as well they are all forming same patterns & looking for a Relief rally.
I still consider this bounces as dead cat bounce mainly because Vaccine for Covid-19 is not available for the masses, as long as not every human has been vaccinated the fear of WAVE 2 hitting us will be there, we are also opening up our country which is understandable as second option is much worse for the economy - Depression!!
we have to face the fact & start to live with this virus, there are only 2 emotions that really matters FEAR & GREED, I won't suggest you to be TOO GREEDY with this bounce, keep taking profits at every resistance
There are stocks charts already updated in my profile make sure to check them out :)
do let me know your thoughts on current market situation & the pandemic we are facing in the comments
will post a R:r setup in timeline once we CLOSE above the yellow trendline
weekly MACD is also printing bullish signal about to cross
also there is a double Bottom formed on the weekly time frame
I have posted some Bank charts as well they are all forming same patterns & looking for a Relief rally.
I still consider this bounces as dead cat bounce mainly because Vaccine for Covid-19 is not available for the masses, as long as not every human has been vaccinated the fear of WAVE 2 hitting us will be there, we are also opening up our country which is understandable as second option is much worse for the economy - Depression!!
we have to face the fact & start to live with this virus, there are only 2 emotions that really matters FEAR & GREED, I won't suggest you to be TOO GREEDY with this bounce, keep taking profits at every resistance
There are stocks charts already updated in my profile make sure to check them out :)
do let me know your thoughts on current market situation & the pandemic we are facing in the comments
Note
Retest IncomingNote
EIther this was a Double top & we will follow the red line or we will follow the yellow line hence I said in the beginning wait for retest, I don't trade options or futures in indian market just sharing what I see on charts, I will try to post a R:R setup if RETEST holds Note
still no position active either retest holds or we dump down .618-.65% is what I am keeping my eye on
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