Chart Pattern depicts the situation clearly.
1. BankNifty travelling in a Descending channel(bright red and green lines shown in chart)
2. Inverted cup & handle formed and given a Neckline Breakdown with good volume!!! (and low too got tested)
3. Target can be 0.5 Fib support down !!(as the depth of the cup measured)
4. 1hr closing above 42200 can fail the pattern and be our SL!!
Nifty too in formation of same pattern but not given breakdown!!!and it needs to close below 17800 for this same breakdown!!
Let's see how it moves!!!
Note: Just sharing my view....not a tip nor advice!!!!!
1. BankNifty travelling in a Descending channel(bright red and green lines shown in chart)
2. Inverted cup & handle formed and given a Neckline Breakdown with good volume!!! (and low too got tested)
3. Target can be 0.5 Fib support down !!(as the depth of the cup measured)
4. 1hr closing above 42200 can fail the pattern and be our SL!!
Nifty too in formation of same pattern but not given breakdown!!!and it needs to close below 17800 for this same breakdown!!
Let's see how it moves!!!
Note: Just sharing my view....not a tip nor advice!!!!!
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