Hello Traders,
On a HIGHER TIMEFRAME ( WEEKLY ) BANKNIFTY Breaked a SUPPORT TRENDLINE and price closed under the trend line.
1) For previous 4 weeks BANKNIFTY formed continuous RED CANDLES, with first 3 candles as DOJI type of candles and a last one is pure BEARISH CANDLE with shorter wicks.
*** 35620 is very IMPORTANT LEVEL ***
2) Since previous 4 weeks price was falling. The Market may give some CORRECTION to the upside and may retest the broken trendline.
3) Unless the price BREAKS the 35620 level and closes above, the market is still BEARISH.
4) If it BREAKDOWN previous week's low which is 34000 then BANKNIFTY will head towards 32400 level.
32400 is a strongest level which acted as a RESISTANCE first and turned into SUPPORT.
Do Comment Your Thoughts ...
Thank you <3
On a HIGHER TIMEFRAME ( WEEKLY ) BANKNIFTY Breaked a SUPPORT TRENDLINE and price closed under the trend line.
1) For previous 4 weeks BANKNIFTY formed continuous RED CANDLES, with first 3 candles as DOJI type of candles and a last one is pure BEARISH CANDLE with shorter wicks.
*** 35620 is very IMPORTANT LEVEL ***
2) Since previous 4 weeks price was falling. The Market may give some CORRECTION to the upside and may retest the broken trendline.
3) Unless the price BREAKS the 35620 level and closes above, the market is still BEARISH.
4) If it BREAKDOWN previous week's low which is 34000 then BANKNIFTY will head towards 32400 level.
32400 is a strongest level which acted as a RESISTANCE first and turned into SUPPORT.
Do Comment Your Thoughts ...
Thank you <3
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