Bearish Pennant Formation leading to continuation of Downtrend
Uppdaterad
Bank Nifty is in an ascending broadening wedge channel since July. But now is in the downward movement towards the support level at 21200.
Immediate target of 21450 to next target of 21200 is possible.
If 21200 level is a breakout, then the possible targets will be 20350 to next target of 19450
If 21200 is not a breakout and reverses at this level, there will be possible uptrend formation. But wait for the corrections to happen and then enter.
With more of negative news in the trending like the India-China, US-China tensions, Corona out of control, GDP issues, better to be careful while going long immediately...
RajaMegha..
Immediate target of 21450 to next target of 21200 is possible.
If 21200 level is a breakout, then the possible targets will be 20350 to next target of 19450
If 21200 is not a breakout and reverses at this level, there will be possible uptrend formation. But wait for the corrections to happen and then enter.
With more of negative news in the trending like the India-China, US-China tensions, Corona out of control, GDP issues, better to be careful while going long immediately...
RajaMegha..
Kommentera
Target of 21450 is achieved and next target of 21200 is achieved in the gap down itself tomorrow. Probably the same downward trend will continue tomorrow also and shorting is the safest.
With the present scenario of market, shorting is good. Be careful to go on long for now. Still the downtrend is not complete. Wait for the correction to happen.
Next target is 20350 and later 19500.
RajaMegha...
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