BANKNIFTY--Consolidation or Bearish??
Updated
BANKNIFTY broken the bullish channel downside,
if tomorrow price opens gap up or bullish, keep looking for short side.
if price comes back to 48400 levels, look for short.
Lot of liquidity is lies below 47000 levels...
this time price clears the liquidity on bottom side and then tries to be bullish again.
wait until it comes to these levels and observe a rejection from the channel...
careful before going long..
If we observe again a consolidation on topside...another bullishness is going to observe soon.
if tomorrow price opens gap up or bullish, keep looking for short side.
if price comes back to 48400 levels, look for short.
Lot of liquidity is lies below 47000 levels...
this time price clears the liquidity on bottom side and then tries to be bullish again.
wait until it comes to these levels and observe a rejection from the channel...
careful before going long..
If we observe again a consolidation on topside...another bullishness is going to observe soon.
Note
From these levels if price creates a bullish channel, then we have a chance of drop base drop formation. Keep safe here.
Note
At important zone of resistance....Keep safe from here.Note
Clearly in sideways...no sign of bearishness...Note
Chance of Head and Shoulders pattern, wait for the break of neckline and retest of it..for short side...Note
now it is at the crucial point...complete downside or reversal may happens again to upside...Note
Ignore long side....Note
Exit from short side... it's on the channel bottom side...
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