Nifty Bank Target 33204
Considering the possible formation of BAT patter or it could be CRAB pattern also with a belief that recently low wont be taken out, we can all consider our next target to be 33200 as shown and then there will be fall to complete 5 leg pattern.
The belief that recent low wont be taken out cannot be on psychological terms, there should be a reason for that and the reason is RSI chart. Recently there were 2 lows indicated by vertical lines, recent low is much lower than earlier but RSI denied to make a new low which is a positive divergence. What does it mean is when lower lows were formed the scrip was gaining strength which means at that low more buyers came and kept the share stronger. Hence i believe the recent low wont be taken out.
Disclaimer: In this Pandemic period, news are created to take advantage and so many times the technical indicators has failed to give right guidelines. So be cautious in your trade.
The belief that recent low wont be taken out cannot be on psychological terms, there should be a reason for that and the reason is RSI chart. Recently there were 2 lows indicated by vertical lines, recent low is much lower than earlier but RSI denied to make a new low which is a positive divergence. What does it mean is when lower lows were formed the scrip was gaining strength which means at that low more buyers came and kept the share stronger. Hence i believe the recent low wont be taken out.
Disclaimer: In this Pandemic period, news are created to take advantage and so many times the technical indicators has failed to give right guidelines. So be cautious in your trade.
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