BANKNIFTY Trend Analysis (Another perspective)
If the current resistance level (35650) breaks then this scenario may play out which I am going to explain.
It may remain sideways moving in a triangle pattern highlighted.
In a triangle pattern each swing is comprised of 3 waves with a total of 5 swings before break out.
You can see the previous two swings are 3 waves moves.
Even if this plays out there will be a shallow correction towards 34900 level followed by a rally towards 37550 level to fill the gap.
The red line in between is a key level which acted as resistance and support multiple times.
Update on my previous insight:
In lower timeframe it is forming a bear flag with hidden bearish divergence in RSI and stochastic is at highly overbought in daily timeframe with a declining trend in volume.
It is moving up with below average volume, which is unsustainable.
I am still expecting it to move as per my previous TA linked below and this time it will not fall below 32000 level.
Current scenario is just a bull trap.
Will see what plays out.
Trade cautiously.
Peace!!
It may remain sideways moving in a triangle pattern highlighted.
In a triangle pattern each swing is comprised of 3 waves with a total of 5 swings before break out.
You can see the previous two swings are 3 waves moves.
Even if this plays out there will be a shallow correction towards 34900 level followed by a rally towards 37550 level to fill the gap.
The red line in between is a key level which acted as resistance and support multiple times.
Update on my previous insight:
In lower timeframe it is forming a bear flag with hidden bearish divergence in RSI and stochastic is at highly overbought in daily timeframe with a declining trend in volume.
It is moving up with below average volume, which is unsustainable.
I am still expecting it to move as per my previous TA linked below and this time it will not fall below 32000 level.
Current scenario is just a bull trap.
Will see what plays out.
Trade cautiously.
Peace!!
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