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Nifty Bank Index

BANKNIFTY--Head Shoulders pattern??

By IIT-Trader
Updated
BANKNIFTY index is now taking the support form inverse right shoulder...
now we have a chance of head and shoulders pattern as well ...
keep safe before long....immediate resistance lies at 46200.
wait until price breaks the neckline and retest...then will go for shortside...
Note
Breaks above the right shoulder and sustain then only long continuation up to 47200 levels.
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Price is at important zone of support... Might strong reversal may happens... Keep safe here
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After bullish gap price gives us retracement....safe here
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price exactly at neckline and retest of trendline...
snapshot
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enter long on break and retest...
snapshot
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or wait for the neckline to break and retest and will enter short...
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If price breaks the right shoulder then we have chance of continuation to 46600 levels.
snapshot
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Book profits From now enters in resistance Zone
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Noshortside... It may breaks 46400 levels
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This is the place again changes its direction
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price is now in demand zone....if price consolidation again on topside price will reach 46400 levels.
Note
snapshot
Note
enter long again in this zone.
snapshot
BANKNIFTYbankniftyanalysisbankniftylevelsbankniftytradesetupbankniftytrendbankniftyviewSupply and DemandSupport and ResistanceTrend Analysis
IIT-Trader
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