#BANKNIFTY
Pullback after Six weeks of HH-HL formation.
BNF also broke the rising channel.
Outlook for the week Dec 19 - Dec 23, 2022.
THREAD: Deconstructing BANKNIFTY on 4 different TF's.
Pullback after Six weeks of HH-HL formation.
BNF also broke the rising channel.
Outlook for the week Dec 19 - Dec 23, 2022.
THREAD: Deconstructing BANKNIFTY on 4 different TF's.
#BANKNIFTY
1. Monthly TF:
β’ Bullish view. At fresh ATH closing on monthly basis (Nov)
β’ Looks very promising at higher TF, post BO > 41800.
β’ However for the current month some sellers have emerged at 44k levels, however too early to comment on monthly.
1. Monthly TF:
β’ Bullish view. At fresh ATH closing on monthly basis (Nov)
β’ Looks very promising at higher TF, post BO > 41800.
β’ However for the current month some sellers have emerged at 44k levels, however too early to comment on monthly.
#BANKNIFTY
2. Weekly TF:
β’ C&H BO on weekly TF, targets mentioned on the tweet linked here.
β’ Post six weeks of consecutive HH-HL formation i.e. extended move BNF corrected from higher levels.
2. Weekly TF:
β’ C&H BO on weekly TF, targets mentioned on the tweet linked here.
β’ Post six weeks of consecutive HH-HL formation i.e. extended move BNF corrected from higher levels.
#BANKNIFTY
3. Daily TF:
β’ As per FIBO, retracement of 38.2%, the level works out to 41567 which is near the zone of 41530-41840 i.e. strong buy zone in weekly TF, as this level would act as the re-test of the C&H BO.
3. Daily TF:
β’ As per FIBO, retracement of 38.2%, the level works out to 41567 which is near the zone of 41530-41840 i.e. strong buy zone in weekly TF, as this level would act as the re-test of the C&H BO.
#BANKNIFTY
4. Hourly TF:
β’Moving within the rising channel
β’ Had shared the rising channel in the past week and had mentioned a clear fall of 980 could be witnessed post BD of the channel.
β’ Second tgt of the same is pending.
β’ S/R levels mentioned.
4. Hourly TF:
β’Moving within the rising channel
β’ Had shared the rising channel in the past week and had mentioned a clear fall of 980 could be witnessed post BD of the channel.
β’ Second tgt of the same is pending.
β’ S/R levels mentioned.
β’ Although in hourly/daily TF BNF looks ripe for some pullback, however at higher TF the same would be considered as a healthy pullback or re-test of the BO zone in weekly TF.
β’ 41530-840 would act as a first pullback post BO, good levels to go long for positional players.
β’ 41530-840 would act as a first pullback post BO, good levels to go long for positional players.
#BANKNIFTY
Conclusion:
β’ Currently expecting a pullback after getting over-streched in weekly.
β’ A healthly pullback is required before the next upmove.
β’ A pullback at 41530-850 would be favourable to go long on a positional basis.
Conclusion:
β’ Currently expecting a pullback after getting over-streched in weekly.
β’ A healthly pullback is required before the next upmove.
β’ A pullback at 41530-850 would be favourable to go long on a positional basis.
If you β€οΈ this analysis and derived some value from it, consider liking and sharing the first tweet.
Retweet the first tweet and help others find this thread.
Retweet the first tweet and help others find this thread.
Loading suggestions...