A potential double bottom is forming.
This rare pattern highlighted is known as Adam & Eve pattern where first bottom is V - shaped and second one becomes rounding bottom.
Recently it broke out of head & shoulder pattern and may retest the neckline again before heading towards its technical target around 31500 level.
If that level sustains then the rounding bottom will be more prominent, that's the reason I have drawn that curve.
Before going down, some pullback is expected till 35550 level which is now a strong resistance level.
Some support around 33450-33550 level is expected before the final drop.
Logic behind formation of bullish pattern is when repo rate increases, banks will also increase their lending rates consequently profitability increases.
As always do your own due diligence before taking any action.
Peace!!
This rare pattern highlighted is known as Adam & Eve pattern where first bottom is V - shaped and second one becomes rounding bottom.
Recently it broke out of head & shoulder pattern and may retest the neckline again before heading towards its technical target around 31500 level.
If that level sustains then the rounding bottom will be more prominent, that's the reason I have drawn that curve.
Before going down, some pullback is expected till 35550 level which is now a strong resistance level.
Some support around 33450-33550 level is expected before the final drop.
Logic behind formation of bullish pattern is when repo rate increases, banks will also increase their lending rates consequently profitability increases.
As always do your own due diligence before taking any action.
Peace!!
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.