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Nifty Bank Index

BANKNIFTY-- Double Top Formed??

By IIT-Trader
Updated
Bank nifty Index has formed a double top
price has formed a double top, with a break of demand and price is retraced back to fall again.

If price wants to fall from strong resistance area,
tomorrow price will again test the strong resistance at 45900 level.keep on buyside until this area.
we have a bearish Gap and Strong resistance.

Until price fills these we can't be on bearish side...
we have a trendline confirmation as well...price has taken the support from trendline multiple times, until price breaks the trendline and retest don't go for short side...

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Double top and Head and Shoulders pattern all these are indicating that a sign of reversals, in banknifty.
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will see what happens tomorrow.
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Don't go for short side, wait it may go higher, without confirmation don't initiate a short trade.
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until trendline breaks and retest don't go for short side.
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until trendline breaks and retest of trendline...no short entry.
if breaks and retest will look for short.
until then keep watch.
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now at trendline will see it breaks or rise.
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Gap filled....be care full.
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if price again breaks will go for short side...keeping Sl near trendline.
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broken and retest is done.
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Trade active
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safe traders wait for break below....
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it is a risky trade....a continuous fall trade...may stop loss hit...keep safe.
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Strict to SL
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this is the place...they can take the price much higher....
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I am changing my Sl to Entry point.
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safe ones book
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Trade closed: target reached
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keep safe....
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price broken the trendline on opposit side...
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Risk ones enter long
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Trade active
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Trade closed: stop reached
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BANKNIFTYbankniftyanalysisbankniftylevelsbankniftypredictionbankniftytradesetupbankniftytradingbankniftytrendbankniftyviewBeyond Technical AnalysisSupport and ResistanceTrend Analysis
IIT-Trader
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