Bank Nifty - 13 June 23 - Closing Analysis & Important Levels
מעודכן
Hello Friends,
Apologizes for my absence, was on a much required family vacations.
Lets get straight to decode bank nifty moves of today.
1 - Buyers gave a breakout move at the opening taking out both "Bear Trend Line" & 20 DMA with a single candle. With such a big move market was always in long for the whole day unless the breakout is broken by sellers.
2 - Buyers experienced resistance at 44116 Level as marked on chart. You must note this level is the neck of double top from where the market fell on 9th June 23.
3 - Since the buyers gave a big move in morning, they tried once more to give a breakout from 44116. It failed and formed a perfect double top. This was our first opportunity to go short for a target 43956 (Re-test of breakout).
4 - Market fell to re-test breakout level of 43956 and found support from buyers. This was our 2nd opportunity for a long trade with high risk/reward and low probability. Target = Re-test of neckline at 44067
What's can we learn for tomorrow?
Case 1 - Market may fall and find support around 43990.
Case 2 - Market may gap-up, re-test 44200 and then fall to re-test the breakout level of 44116.
Keep studying, analyzing & practicing on the charts. See you tomorrow !!!
Apologizes for my absence, was on a much required family vacations.
Lets get straight to decode bank nifty moves of today.
1 - Buyers gave a breakout move at the opening taking out both "Bear Trend Line" & 20 DMA with a single candle. With such a big move market was always in long for the whole day unless the breakout is broken by sellers.
2 - Buyers experienced resistance at 44116 Level as marked on chart. You must note this level is the neck of double top from where the market fell on 9th June 23.
3 - Since the buyers gave a big move in morning, they tried once more to give a breakout from 44116. It failed and formed a perfect double top. This was our first opportunity to go short for a target 43956 (Re-test of breakout).
4 - Market fell to re-test breakout level of 43956 and found support from buyers. This was our 2nd opportunity for a long trade with high risk/reward and low probability. Target = Re-test of neckline at 44067
What's can we learn for tomorrow?
Case 1 - Market may fall and find support around 43990.
Case 2 - Market may gap-up, re-test 44200 and then fall to re-test the breakout level of 44116.
Keep studying, analyzing & practicing on the charts. See you tomorrow !!!
עסקה סגורה: היעד הושג
BN moved as per Case-2
כתב ויתור
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