BANKNIFTY--Head & Shoulders Pattern??
Updated
I am sharing the important levels of Support and Resistance. These levels play a crucial role in trading decisions, as they act as reliable markers of price movements.
------>>Support levels are price points where an asset tends to find buying interest, preventing it from falling further.
---->Resistance levels, on the other hand, are points where selling pressure typically prevents the asset from rising higher.
If price breaks the support, we have a chance of filling the bullish gap, soo keep in shortside until it touches bullish gap and keep in short side until price is below right shoulder,if opens GapDown look for short when it comes back to right shoulder.
Take a look at these levels and trade accordingly. Recognizing and respecting these support and resistance levels can help traders make informed decisions and manage risk effectively. They serve as key reference points for technical analysis and are vital tools in successful trading strategies.
Trade safe...Thank you guys for your support
------>>Support levels are price points where an asset tends to find buying interest, preventing it from falling further.
---->Resistance levels, on the other hand, are points where selling pressure typically prevents the asset from rising higher.
If price breaks the support, we have a chance of filling the bullish gap, soo keep in shortside until it touches bullish gap and keep in short side until price is below right shoulder,if opens GapDown look for short when it comes back to right shoulder.
Take a look at these levels and trade accordingly. Recognizing and respecting these support and resistance levels can help traders make informed decisions and manage risk effectively. They serve as key reference points for technical analysis and are vital tools in successful trading strategies.
Trade safe...Thank you guys for your support
Note
On the other side we have a chance of continuation to upside,if it takes the support of Bearish channel.Note
46400 is old ATH,it may acts as support Don't go for short side below this level
Look for long when it comes to this level
Note
There is a chance of consolidation here at 47200 to 47000 levels... Previous support at 47600 is key level for the price push down again... Safe here
Note
Price is at important zone of support. Keep book your shorts hereNote
No long immediately... Wait for long opportunity.Otherwise tomorrow also bearish... Keep safe
Do not trap on long side...
Note
45250-45300 is the next support Keep in long side from this level...
Note
Don't go for short.... Exit from short positionsNote
Book here some longs...but no short side...exit the remaining longs at 46100-46200 levels.
Note
price is in the resistance zone...book longs for today...will see good opportunities tomorrow again.
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Also share your thoughts in the comments section.
Thanks for your Support **
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