BankNifty - Breakout of Descending Triangle... Big move coming!
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BankNifty was trading in a descending triangle formation (in the previous trading session) which is generally bearish. The base of the triangle is a swap zone which has been tested as support resistance several times in the past.
A break below the zone may lead to further drop as there would be a break in market structure. Also, this previous session market activity reveals that BankNifty is currently weaker as compared to Nifty.
If BankNifty breaks up from the descending triangle formation then resistance levels to watch out for would be high of the previous day followed by the short term ATH near the 22,450-22,500 zone.
Hold above 22,450-22,500 zone could lead to good upside momentum in BankNifty.
The SWAP zone near 21,800 has been tested multiple times and may break if we test is again thus I would be inclined towards shorting BankNifty if the zone breaks.
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
DAILY RSI
BANKNIFTY - 68 ( bullish / neutral zone)
“Time is your friend; impulse is your enemy.” - John Bogle
Before you start reading kindly hit that like button and follow. It motivates me to keep doing such work for free.
Thanks
BankNifty was trading in a descending triangle formation (in the previous trading session) which is generally bearish. The base of the triangle is a swap zone which has been tested as support resistance several times in the past.
A break below the zone may lead to further drop as there would be a break in market structure. Also, this previous session market activity reveals that BankNifty is currently weaker as compared to Nifty.
If BankNifty breaks up from the descending triangle formation then resistance levels to watch out for would be high of the previous day followed by the short term ATH near the 22,450-22,500 zone.
Hold above 22,450-22,500 zone could lead to good upside momentum in BankNifty.
The SWAP zone near 21,800 has been tested multiple times and may break if we test is again thus I would be inclined towards shorting BankNifty if the zone breaks.
Please note: These are my views and not trading advice. Please consult your financial adviser before making any trading decision.
DAILY RSI
BANKNIFTY - 68 ( bullish / neutral zone)
“Time is your friend; impulse is your enemy.” - John Bogle
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.