BANK NIFTY - Potential reversal scenario

Seems like we are going to resume the uptrend in BNF. I have a few reasons behind this logic.

1. Bullish divergence on 1 hr. (Entry time frame for the swing traders)
2. Price is just above 200 MA
3. Price retraced to 0.7 Fib level (not conventional level but works a lot of times)
4. The price is just at the swing level/flip level.
5. There are 3 Virgin CPRs overhead that may be revisited.
6. The only thing that concerns me, is the lack of passive buying/lack of buying interest at the moment.

Disclaimer: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.

Rajat Kumar Singh (@johntradingwick)
NSE Certified Technical & Fundamental Analyst

Komen:

Idea negated. 🛑