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Nifty Bank Index

BANKNIFTY--Inverse Head & Shoulders??

By IIT-Trader
Updated
Banknifty Index created a inverse Head and Shoulders pattern...
price broken the neckline strongly...and retested.
on topside clearly resistance is at 46200 and 46500-46550 levels...
keep in long side until price is above the neckline...
no short side until price breaks the below ...after breaks below the neckline will think of short side for liquidity grab below support levels.
If price gives an elimination move below 45500 levels...
look for long side...up to the resistance levels.
Note
it is approching the level...wait price may completely bearish as well.
Note
as long as price is above its bullish only.
Note
its time to think
snapshot
Note
It's time to think elimination or reversal
Note
Break and continuation or break and fall back
elimination and move upside...
keylevel is neckline
snapshot
Note
Breakout or breakdown
snapshot
Note
exit from long if price breaks 45970 levels.
Trade closed: target reached
Its now at one more important zone of resistance...
snapshot
Note
until Neckline breaks no short side view
Note
now price is at important zone of resistance....its time for reversal
BANKNIFTYbankniftyanalysisbankniftyintradaylevelsbankniftylevelsbankniftypredictionbankniftytradesetupbankniftytradingbankniftytrendbankniftyviewSupply and DemandSupport and ResistanceTrend Analysis
IIT-Trader
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