BANKNIFTY--Bull Trap or Bear Trap ??After a strong fall, price is given us retracement.
this retracement is to enter for short side or Enter in long side.
price is clearly taking the support from 45500 levels,
all done on long side up to neckline as mentioned previous.
Now this is very interesting price is given us retracement....
this retracement is for buyers...initiated at strong resistance this will continue upwards again...
this has to break above the 45100 levels....If failed to break above,
otherwise who has initiated longs and carrying Calls, Bulls will be trapped.
After a strong fall, from the major trendline price is continuously falling, so those who missed the previous selling opportunity, those who think that price given us retracement to enter in short side, this is the place to enter for short and they initiated shorts...
if price opens bullish and continue towards upside then it is a bear trap.
One more interesting point is, @45100 levels price is showing strong bearish pressure...
and to test this buyers struggled to reach the zone...
a consolidation to upside is observed...if this is a sign of weakness for buyers on next session will be a falling again.
until price breaks above 45100 levels and retest no bullish view...
it is still in bearish mode only.
I think this post is helpful...
Note::
It might hurt some one, who is carrying calls and puts...
But the psychology of markets behavior is like this only....
As a retail traders we can't take any decisions, we have to move with them...
Thank you very much for your support and encouragement....
Have a nice weekend....
