banknifty 100EMA breached on weekly chart, Can 28805 be tested?

7 במרץ 2022

banknifty breached the 100EMA on weekly charts, is already trading well below 50/100/200EMA on daily charts. PCR is 0.36 indicating extreme fear and aversion to risk the downside. Good news can trigger a recovery but it could lead to fresh offloading. Crude prices and currency are adding to the worries. CPR is narrow and a trending day is expected. Next support levels are 32143/28805....scary but some more pain seems to be in store. What do you think?