BANKNIFTY : (PIVOT AUCTION CHART)
Hey Pivster's
BANKNIFTY having a beautiful and smooth weekly pivot auction chart where you can see the "support" (WH3-MH3 zone) turned into "resistance" alongside the Weekly Bearish GPZ setup.
A brief synopsis for BankNifty:
-> We see a gap-up opening in the month of July'2023 with the first 30m candle close above WH3 and MH3 zone.
-> After making a swing high of 45353.20 it goes to dip and retest the WH3-MH3 zone (responsive players zone) where BNF takes a clean initial support by making a swing low as 45000.25 (round number) but does not breaks 45000.
-> BNF proceeds with the strength of daily intraday pivot based initiative players and a wild move happens in 2nd trading session of the month on 4th July,2023 where the price travels upside to mark a swing high 45655.50 which basically is above the MH4-WH4 zone (initiative players zone) but crisply closes within the zone and immediately a long sellers candle can be in the following 30min candle.
-> We see a responsive ranged based move for next 2 trading sessions (Check the Mother Candle of 5th July, 2023).
-> And as much needed breakout/breakdown on the last trading session of the previous week i.e. 7th July, 2023 we get a gap down opening which takes support from the marked zone and also 2D mother candle low.
-> Comes the awaited breakdown with a clean price-action as follows-
* Breakdown of Intraday 30min ORB range
* Breakdown of WH3-MH3 zone marking a comeback of broader responsive players
* Breakdown of 2D Mother Candle range
And, as we see price now travels to the 'GAP-UP ZONE' which was created on the starting of the July month.
-> What happens today must now be very clear and fun to interpret as per the pivot auction theory which is as follow -
* Price pushed to gap up opening towards the WH3-MH3 zone which is beautifully in confluence with the 'Daily Bearish GPZ'
* As we expect the support turns resistance and we see a ORB (30min) breakdown in the second half.
I hope you enjoyed the read time for the BNF synopsis and hopefully take home a lot of things, factors and situations to your learning desk and sharp mind which is powerful enough to decode every problem.
MORAL - Stock Market is EASY, but not SIMPLE :)
If you thought this was helpful to you then share the same with your fellow traders / friends / family etc.....
Regards,
Mukkull
BANKNIFTY having a beautiful and smooth weekly pivot auction chart where you can see the "support" (WH3-MH3 zone) turned into "resistance" alongside the Weekly Bearish GPZ setup.A brief synopsis for BankNifty:
-> We see a gap-up opening in the month of July'2023 with the first 30m candle close above WH3 and MH3 zone.
-> After making a swing high of 45353.20 it goes to dip and retest the WH3-MH3 zone (responsive players zone) where BNF takes a clean initial support by making a swing low as 45000.25 (round number) but does not breaks 45000.
-> BNF proceeds with the strength of daily intraday pivot based initiative players and a wild move happens in 2nd trading session of the month on 4th July,2023 where the price travels upside to mark a swing high 45655.50 which basically is above the MH4-WH4 zone (initiative players zone) but crisply closes within the zone and immediately a long sellers candle can be in the following 30min candle.
-> We see a responsive ranged based move for next 2 trading sessions (Check the Mother Candle of 5th July, 2023).
-> And as much needed breakout/breakdown on the last trading session of the previous week i.e. 7th July, 2023 we get a gap down opening which takes support from the marked zone and also 2D mother candle low.
-> Comes the awaited breakdown with a clean price-action as follows-
* Breakdown of Intraday 30min ORB range
* Breakdown of WH3-MH3 zone marking a comeback of broader responsive players
* Breakdown of 2D Mother Candle range
And, as we see price now travels to the 'GAP-UP ZONE' which was created on the starting of the July month.
-> What happens today must now be very clear and fun to interpret as per the pivot auction theory which is as follow -
* Price pushed to gap up opening towards the WH3-MH3 zone which is beautifully in confluence with the 'Daily Bearish GPZ'
* As we expect the support turns resistance and we see a ORB (30min) breakdown in the second half.
I hope you enjoyed the read time for the BNF synopsis and hopefully take home a lot of things, factors and situations to your learning desk and sharp mind which is powerful enough to decode every problem.
MORAL - Stock Market is EASY, but not SIMPLE :)
If you thought this was helpful to you then share the same with your fellow traders / friends / family etc.....
Regards,
Mukkull
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