Bank Nifty Head & Shoulders

Updated

Hi friends hope you are enjoying your morning's Tea or coffee with scrolling Trading view ideas for taking a view on market so it's a daily chart of Banknifty i am sharing today, as we can see that price is trading in an ascending channel and created a Bearish Head & Shoulders pattern on provided chart and came down after breaking the neckline. Pattern is not very clear from the right shoulder because it's a chart not a drawing book only we have to understand that what is it and what is resembles and can act according to it.

So mates as we can see price is sharing a adjoined spot of 100 ema and channel support both so i assume if price will break these combined levels and close below we can see further fall for the levels of 43400 to 42700 on the top side 44600 to 44900 these levels it will face strong resistance if price will bounce from here as pattern neckline is placed in this zone and sellers will sure take a sell on rise advantage there. Thank you for reading if you find something good it please like and motivate me

This is kind of a follow up publication for recently published idea on Bank nifty you can check that idea also in my profile sharing link below too.

This is not and trade or investment advice. This idea is meant for learning only.
Best Regards Happy Trading- Amit

Bank Nifty Head & Shoulders

Note

ONCE SUPPORT BROKEN TODAY IN INTRADAY SESSION BUT GOT A PROPER BOUNCE FROM 100 EMA AND CLSOED ABOVE RISISNG TRENDLINE MATES.

SMALLER TIME FRAME FOR BETTER VIEW-:
AS WE CAN SEE ON THIS HOURLY TIME FRAME CHART PRICE GO BELOW SUPPORT AND GIVES BULLISH BOUNCE FROM THERE AND AFTER TAKEN RESISTANCE NEAR MENTIONED RESISTANCE AREA DESPITE OF TOO MANY BULLISH SENTIMENTS WAS TODAY IN MARKET.

Note

HI MATES, AS WE CAN SEE ON WEEKLY CHART THAT WE GOT A HIGHEST WEEKLY CLOSING IN FOUR WEEKS AND TRACTION IS ALSO SEEMS UPWARD, SO UPDATING THIS IDEA WITH WEEKLY CHART FOR THAT IF MENTION RESISTANCE (44700) IN THIS UPDATE WHICH IS ALMOST SAME RESISTANCE LEVELS WHICH I MENTIONED IN IDEA DESCRIPTION TOO, IF THIS LEVELS WILL BREAK AND CLOSE ON DAILY CHART WE CAN SEE RETRACEMENT TILL 45500-46000.

Note

Two straight sessions rejected from the same mentioned resistance levels (last monday and tuesday) and now created a more bearish pattern (three black crows) if closed below yestreday's closing. we can see again a bounce from rising trednline if it will reach there.

Note

bank nifty

Price is taking support again near to rising trendline and again bounced from there, motive of sharing this update is that on the top price is taking rejections while from the bottom it is taking support so after this range breakout we can enter in a new range

Support and resistance for better understanding of levels

Note

Still Stucked on neckline friends, above close we can see good momentum

hourly chart with published snapshot for better view

not negative if sustain above resistance 44740 can act as support now

Note

45500 Potential upside mention in update above now reached after break of neckline. and mention resistance area posted in update
Published chart

Follow up chart S/R levels

Trade closed: target reached

Reached 46090 from 45000 levels mentioned potential upside in updates above and taking resistance there so considering it is a target , Closing this idea completely will publish a new idea for Bank nifty

AMIT-RAJAN

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