BANKNIFTY Double Bottom BreakoutThe idea here is about Bank Nifty:
My view is Neutral for the below observed technical factors.
Points as per TA observed on a Weekly daily & Hourly Chart:
1. Cup & Handle formation completed awaiting breakout as per below:
2. Doji candle formation on weekly chart as per below:
3. Bearish Bat harmonic pattern completed on a daily & Hourly chart as per below:
4. Double bottom pattern completed on 1H chart & 07th Nov market opened with breaking the neckline, price was pushed below the neckline in 1st Session, However, price recovered & the day closed above neckline as per below :
5. Divergence observed on 1H chart for RSI, Commodity Channel Index & Momentum as per below:
6. Trading way above 20& 200 EMA on a weekly, daily & 20 EMA support established on hourly chart at the time of publishing.
7. Ichimoku Cloud analysis: Kumo Breakout & Kumo Twist on a weekly, daily & hourly is very strong upward momentum at the time of publishing.
8. RSI is at 66.86 on a weekly Chart, 64.76 on daily & 65.77 on hourly chart at the time of publishing.
9. MACD almost way above signal line on weekly, daily & hourly chart at the time of publishing.
Projected Targets: Double Bottom & Bearish Bat harmonic pattern provided in chart.
Stop Loss: provided in chart.
Entry point: If price sustains above the double bottom neckline in the next trading session then long entry can be confirmed. If price breaks below the double bottom support short entry can be confirmed.
Disclaimer: “The above is an Educational idea only and not any kind of financial or investment advice. So
Please do your own DD (Due Diligence) before any kind of investment”.
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