Bank Nifty : Weekly Set-Up
Date 13.10.2024
Bank Nifty (Spot)
Timeframe : 1 Hr
Remarks :
1 Chart pattern : Ascending triangle
2 Neckline = 51650 = Breakout
3 Longs only once bank nifty crosses neckline or open above neckline as gap up
4 In that case keep stoploss below neckline
5 Target 1 200 ema = 38% of Fibonacci
6 Target 2 will be 50% of Fibonacci
7 *Note = These are not simple Fibonacci sequence these are wave 5 extension Fibonacci distribution therefore keep these levels seriously as support & resistance
8 When Bank Nifty reaches at 38% or 50% of extension distribution keep observing RSI that time for any negative divergence or reaching overbought zone
Regards,
Ankur
Bank Nifty (Spot)
Timeframe : 1 Hr
Remarks :
1 Chart pattern : Ascending triangle
2 Neckline = 51650 = Breakout
3 Longs only once bank nifty crosses neckline or open above neckline as gap up
4 In that case keep stoploss below neckline
5 Target 1 200 ema = 38% of Fibonacci
6 Target 2 will be 50% of Fibonacci
7 *Note = These are not simple Fibonacci sequence these are wave 5 extension Fibonacci distribution therefore keep these levels seriously as support & resistance
8 When Bank Nifty reaches at 38% or 50% of extension distribution keep observing RSI that time for any negative divergence or reaching overbought zone
Regards,
Ankur
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