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Nifty Bank Index

BANKNIFTY--Head Shoulders pattern??

By IIT-Trader
Updated
BANKNIFTY index is now taking the support form inverse right shoulder...
now we have a chance of head and shoulders pattern as well ...
keep safe before long....immediate resistance lies at 46200.
wait until price breaks the neckline and retest...then will go for shortside...
Comment
Breaks above the right shoulder and sustain then only long continuation up to 47200 levels.
Comment
Price is at important zone of support... Might strong reversal may happens... Keep safe here
Comment
After bullish gap price gives us retracement....safe here
Comment
price exactly at neckline and retest of trendline...
snapshot
Comment
enter long on break and retest...
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Comment
or wait for the neckline to break and retest and will enter short...
Comment
If price breaks the right shoulder then we have chance of continuation to 46600 levels.
snapshot
Comment
Book profits From now enters in resistance Zone
Comment
Noshortside... It may breaks 46400 levels
Comment
This is the place again changes its direction
Comment
price is now in demand zone....if price consolidation again on topside price will reach 46400 levels.
Comment
snapshot
Comment
enter long again in this zone.
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BANKNIFTYbankniftyanalysisbankniftylevelsbankniftytradesetupbankniftytrendbankniftyviewSupply and DemandSupport and ResistanceTrend Analysis
IIT-Trader
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