BANKNIFTY--Inverse Head & Sholuder??
Updated
BANKNIFTY INDEX is created a Demand zone at 45450-45220 zone.
If this zone again push the price upside, leads to creates an Right shoulder..
then will observe a inverse Head and shoulders will clearly seen if the same is happens from this demand zone.
on topside(Neckline) at 46500-46700 zone is pushing the price downside, continuously.
previous support is now acting as a resistance on the topside, as I already explained.
so, now we have 2 possibilities::
Long:: Enter long when price comes to Demand Zone.
(Or)
If price consolidates between the neckline and old support level,
then we have a chance of continuation upside.
If price failed to create a right shoulder or demand zone fails to push the price upside, then
we have short plan, when price consolidates between the head and Demand Zone.
then a liquidity grab will be finished on bottom side and price is likely to test the strong demand zones at 43600 levels.
will go for short side below demand zones...
If this zone again push the price upside, leads to creates an Right shoulder..
then will observe a inverse Head and shoulders will clearly seen if the same is happens from this demand zone.
on topside(Neckline) at 46500-46700 zone is pushing the price downside, continuously.
previous support is now acting as a resistance on the topside, as I already explained.
so, now we have 2 possibilities::
Long:: Enter long when price comes to Demand Zone.
(Or)
If price consolidates between the neckline and old support level,
then we have a chance of continuation upside.
If price failed to create a right shoulder or demand zone fails to push the price upside, then
we have short plan, when price consolidates between the head and Demand Zone.
then a liquidity grab will be finished on bottom side and price is likely to test the strong demand zones at 43600 levels.
will go for short side below demand zones...
Comment
we have a trendline liquidity as well near the demand zone and right shoulder.keep safe from here before long or short side.
Comment
Comment
Comment
liquidity grab below the 45500 and then bullish may be, but keep in long side only...retest of trendline might be observed...then will see bullish continuation or bearish
Comment
price breaks the channel again then retest sell.Comment
its a long trap....don't go for longComment
wait for the channel break and retestComment
Breakout or breakdownComment
there are some moves....there is a bear trap as well keep SlComment
safe traders exit with 1:1Comment
close the remaning at cost to cost or 1:2there might be some consolidation here....
Comment
If price closes at 46300 levels buy puts.....Comment
Book some here.....Comment
price comes to the right shoulder area...keep safe.Comment
Lets wait for tomorrow ...
**If these ideas are Helpful !
Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
--Not SEBI Registered--
Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
--Not SEBI Registered--
Related publications
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.