BANK NIFTY SPOT - SUPER BULLISH ABOVE YELLOW TREND LINE

Updated

Yellow Trend Line - Strong Resistance on Weekly Chart - If price breaches yellow trend line on upside and stays above treat this as strong bullish move, go long.
Blue Trend Line - Strong Support on Weekly Chart - If price breaches blue trend line on down side and stays below treat this as strong bearish move, go short.

Redline Trend Line - Strong Resistance on Daily Chart - If price breaches Red trend line on upside and stays above treat this as strong bullish move, go long.
Green Trend Line - Strong Support on Daily Chart - If price breaches Green trend line on downside and stays above treat this as strong bullish move, go long.

Trade Idea - Momentum Trading - Price Action will follow when price breaches any of the trendline

Monitor the chart on 5 min chart when price is quoting near the trendline. Wait for 3 follow up candles on 5 min chart once the price is breached on upside or downside on any of the trendlines.

Stop loss - Trendline price itself after candle close.

The trendlines drawn is unconventional. There are many EMAs working behind the scene. Focus on what you see on the chart and trendlines. Plot the trendlines on daily TFM as per the above chart and keep extending. Set Alert.

Thanks for watching.

All the best

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Check your self what happened at white horizontal line.

Note

BN SPOT - plot trend line, on 15 min time frame. Connect 14:00 candle and 14:30 candle from top to top. this is the crucial trendline to be broken if bearish. keep monitoring the trendline on 5 min time frame. There is strong support at 37600, be careful, if broken we may see fall.

On upside, 38250 to 38280 has strong resistance. Wait for price to clear this congestion zone. Most probably this will be cleared with gap up on any day.

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Expecting price action at 10:15 am on any side.

Saptagirinivasa

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