BANKNIFTY Index is broken the the major trendline recently...
price is now comes back to the topside for a retest.
we have several points to consider before going to short...
1. price clears the trendline liquidity on the topside.
2.The liquidity above the right shoulder is finished.
3. price also taken the liquidity above the supply zone.
price clears all the topside liquidity.
based on these liquidity is finished on topside.
Now price is exactly at the trendline retest area, we have to very careful at this area for a breakout or breakdown.
there is no sign of consolidation at the resistance, we have to observe a strong consolidation for a clear breakout above the supply zone, then we have to look for a strong bullish price action then only a bullish.
This strong bullishness leads to exhaustion of buyers after a clear break of major trendline.
also there is a lot of liquidity lies below the Major level of support @46000 levels, and @44500 levels.
This is a clear warning for us do not enter long side -- trap of buyers.
(if price gives some pullback then a strong bullishness is observed with sign of bullishness leads to exhaustion.)
It will leads to manipulation. Be careful here.
price is now comes back to the topside for a retest.
we have several points to consider before going to short...
1. price clears the trendline liquidity on the topside.
2.The liquidity above the right shoulder is finished.
3. price also taken the liquidity above the supply zone.
price clears all the topside liquidity.
based on these liquidity is finished on topside.
Now price is exactly at the trendline retest area, we have to very careful at this area for a breakout or breakdown.
there is no sign of consolidation at the resistance, we have to observe a strong consolidation for a clear breakout above the supply zone, then we have to look for a strong bullish price action then only a bullish.
This strong bullishness leads to exhaustion of buyers after a clear break of major trendline.
also there is a lot of liquidity lies below the Major level of support @46000 levels, and @44500 levels.
This is a clear warning for us do not enter long side -- trap of buyers.
(if price gives some pullback then a strong bullishness is observed with sign of bullishness leads to exhaustion.)
It will leads to manipulation. Be careful here.
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Also share your thoughts in the comments section.
Thanks for your Support **
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**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.