BANKNIFTY - Whats Next
This is my study and not any kind of trade recommendation.
Undoubtedly BNF is positive, above all moving averages.
As per indicators - it is clear buy - looking at the trend from the past few weeks and especially the speed it reached current levels after recent Election results.
Trendline on Weekly time frame - OCT-2022 top to now, we see - there is some possibility of small correction possible, before taking of this high.
Another View :
Breakout Triangle :
July 2022 breakout triangle formation should take us expected target of 48,000 once the current trend line is crossed.
Another View :
Raising Wedge :
If we consider July-2023 high and this week's high - for raising Wedgle -- any reversal from here should see a small correction.
Another Wedge Formation:
Considering this Wedge format, we should see 48,000 before any correction.
Either way- we are close to the top and need to be cautious before taking the trade.
Undoubtedly BNF is positive, above all moving averages.
As per indicators - it is clear buy - looking at the trend from the past few weeks and especially the speed it reached current levels after recent Election results.
Trendline on Weekly time frame - OCT-2022 top to now, we see - there is some possibility of small correction possible, before taking of this high.
Another View :
Breakout Triangle :
July 2022 breakout triangle formation should take us expected target of 48,000 once the current trend line is crossed.
Another View :
Raising Wedge :
If we consider July-2023 high and this week's high - for raising Wedgle -- any reversal from here should see a small correction.
Another Wedge Formation:
Considering this Wedge format, we should see 48,000 before any correction.
Either way- we are close to the top and need to be cautious before taking the trade.
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.