BANKNIFTY--Inverse Head & Sholuder??
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BANKNIFTY INDEX is created a Demand zone at 45450-45220 zone.
If this zone again push the price upside, leads to creates an Right shoulder..
then will observe a inverse Head and shoulders will clearly seen if the same is happens from this demand zone.
on topside(Neckline) at 46500-46700 zone is pushing the price downside, continuously.
previous support is now acting as a resistance on the topside, as I already explained.
so, now we have 2 possibilities::
Long:: Enter long when price comes to Demand Zone.
(Or)
If price consolidates between the neckline and old support level,
then we have a chance of continuation upside.
If price failed to create a right shoulder or demand zone fails to push the price upside, then
we have short plan, when price consolidates between the head and Demand Zone.
then a liquidity grab will be finished on bottom side and price is likely to test the strong demand zones at 43600 levels.
will go for short side below demand zones...
If this zone again push the price upside, leads to creates an Right shoulder..
then will observe a inverse Head and shoulders will clearly seen if the same is happens from this demand zone.
on topside(Neckline) at 46500-46700 zone is pushing the price downside, continuously.
previous support is now acting as a resistance on the topside, as I already explained.
so, now we have 2 possibilities::
Long:: Enter long when price comes to Demand Zone.
(Or)
If price consolidates between the neckline and old support level,
then we have a chance of continuation upside.
If price failed to create a right shoulder or demand zone fails to push the price upside, then
we have short plan, when price consolidates between the head and Demand Zone.
then a liquidity grab will be finished on bottom side and price is likely to test the strong demand zones at 43600 levels.
will go for short side below demand zones...
Nota
we have a trendline liquidity as well near the demand zone and right shoulder.keep safe from here before long or short side.
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liquidity grab below the 45500 and then bullish may be, but keep in long side only...retest of trendline might be observed...then will see bullish continuation or bearish
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price breaks the channel again then retest sell.Nota
its a long trap....don't go for longNota
wait for the channel break and retestNota
Breakout or breakdownNota
there are some moves....there is a bear trap as well keep SlNota
safe traders exit with 1:1Nota
close the remaning at cost to cost or 1:2there might be some consolidation here....
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If price closes at 46300 levels buy puts.....Nota
Book some here.....Nota
price comes to the right shoulder area...keep safe.Nota
Lets wait for tomorrow ...
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Also share your thoughts in the comments section.
Thanks for your Support **
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