BANK OF INDIAUpdated Bank of India : ButterFly Patter on Daily - Short
The analysis is only for educational purpose.
Butterfly Rules
Targets are determined as 0.382 and 0.618 Fibonacci retracement levels of the CD leg
Ideally Stops losses are placed a below or above the high or low of point X.
Weekly Chart shows Bullish engulfing candlestick as well.
T1: ~ 97
Butterfly Rules
- AB can retrace up to 78.6% of the XA leg - Condition satisfied
BC can retrace between 38.2% – 88.6% of AB Condition satisfied
CD can be an extension of 1.618% – 2.618% of AB Condition satisfied
CD can also be an extension of up to 1.272% – 1.618% of XA leg Condition satisfied
The point D is known as the PRZ or Potential Reversal Zone
Targets are determined as 0.382 and 0.618 Fibonacci retracement levels of the CD leg
Ideally Stops losses are placed a below or above the high or low of point X.
Weekly Chart shows Bullish engulfing candlestick as well.
T1: ~ 97
Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.