BANKNIFTY 30 October, 2023
Market shows signs of recovery, but it's too early to say if the uptrend will continue?
The market showed surprising strength on October 27, 2023, rising despite negative cues from the US markets. The market opened with a gap up and moved obediently according to the ascending channel pattern that had formed on the previous day. This suggests that bulls were in control and that the market is still in an uptrend.
However, is it too early to say if the uptrend will continue? A new ascending channel pattern has emerged, which is a further indication of the uptrend. However, the market will need to break out of this channel and sustain above the resistance level to confirm the uptrend. Let us see, if the market recovers fully or goes down further to fill the gap.
Overall, the market outlook is positive for the short term. However, investors should be cautious and monitor the market closely for any signs of weakness.
The market showed surprising strength on October 27, 2023, rising despite negative cues from the US markets. The market opened with a gap up and moved obediently according to the ascending channel pattern that had formed on the previous day. This suggests that bulls were in control and that the market is still in an uptrend.
However, is it too early to say if the uptrend will continue? A new ascending channel pattern has emerged, which is a further indication of the uptrend. However, the market will need to break out of this channel and sustain above the resistance level to confirm the uptrend. Let us see, if the market recovers fully or goes down further to fill the gap.
Overall, the market outlook is positive for the short term. However, investors should be cautious and monitor the market closely for any signs of weakness.
Trade attivo
As expected, the gap has been filled and bulls are in action.Nota
Is BN forming a double bottom pattern today? Let us see!PS: I am referring to 5 minute candle
Nota
BN has now formed a cup and handle pattern confirming further uptrend
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.