Bank nifty is forming a Negative RSI divergence on daily chart with Bearish Engulfing pattern
Bearish Engulfing pattern formed is a perfect text book case
Seems as if fuel of short covering is getting exhausted and index may see some profit booking or consolidation, even a mild retracement also can't be ruled out
Caution: RSI on all time frames ( D/W/M)is above 60
Lets see how it evolves from here further
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the index as on date but I may look to take some position with my own Risk Reward matrix.
Bearish Engulfing pattern formed is a perfect text book case
Seems as if fuel of short covering is getting exhausted and index may see some profit booking or consolidation, even a mild retracement also can't be ruled out
Caution: RSI on all time frames ( D/W/M)is above 60
Lets see how it evolves from here further
Disclaimer: NOT A BUY / SELL RECOMMENDATION I am not an expert I just share interesting charts here for educational purpose and not to be taken as buy/sell recommendation. Please seek expert opinion before investing and trading as trading/ investing in market is subject to market risks. I do not hold any position in the index as on date but I may look to take some position with my own Risk Reward matrix.
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.