bank nifty
Analysis phase 1- Fibo retracement
38.2% retracement from the May'2020 to higher high of 16th Feb 2021.
Hence, down trend from 16th Feb to 22nd April is considered as a pull back.
Analysis phase 2 - bullish move
After 22nd April it moves very bullish with breakout around 22nd May over the trend line from previous high. this breakout confirmed bullish move further.
Since retracement it changes the slope very steep, like a run comes after a pull back.
it is expected to move higher than previous high.
keep an eye on the move!!!
Analysis phase 1- Fibo retracement
38.2% retracement from the May'2020 to higher high of 16th Feb 2021.
Hence, down trend from 16th Feb to 22nd April is considered as a pull back.
Analysis phase 2 - bullish move
After 22nd April it moves very bullish with breakout around 22nd May over the trend line from previous high. this breakout confirmed bullish move further.
Since retracement it changes the slope very steep, like a run comes after a pull back.
it is expected to move higher than previous high.
keep an eye on the move!!!