Long

technical Morning Star setup in a Banknifty Daily

Updated

Generally morning star appears in to the starting of a trend is more valubel

but this time into banknifty morning star appears at all time high so don't worry we can trade this with the same formula

buy between 46800 to 46500

stoploss 46400

target 48000, 48500

Note

little description about MORNING STAR
What Is a Morning Star?
A morning star is a visual pattern consisting of three candlesticks
that are interpreted as bullish signs by technical analysts.
A morning star forms following a downward trend and it indicates the start of an upward climb.
It is a sign of a reversal in the previous price trend. Traders watch
for the formation of a morning star and then seek confirmation that a reversal
is indeed occurring using additional indicators.

KEY TAKEAWAYS
A morning star is a visual pattern made up of a tall black candlestick, a smaller black or white candlestick
with a short body and long wicks, and a third tall white candlestick.
The middle candle of the morning star captures a moment of market indecision
where the bears begin to give way to bulls. The third candle confirms the reversal and can mark a new uptrend.
The opposite pattern to a morning star is the evening star, which signals a reversal of an uptrend into a downtrend.
What Does a Morning Star Tell You?
A morning star is a visual pattern, so there are no particular calculations to perform. A morning star is a three-candle
pattern with the low point on the second candle; however, the low point is only apparent after the close of the third candle.

Note

am not a Certified registered analysist
this is just my observation for practice and learning purpose of chart reading,
Must take advice from your financial advisor before trade

------------------------------------------------------

any related query allow me to answer

if this idea is use full
like and share also follow and comment your thought about this analysis

Note

huge profit running

Note

48200 achieved today
around 1300 point profit running

Note

Note

both target 48000 and 48500 fully achieved today

Trade closed: target reached

Note

i am closed this trade but must check the power of analysis and this pattern

Note

price still there where we started before 2 month

sk_4587

Related publications

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.