Bank Nifty: The Breakdown

24 set 2017

Notes on the chart.

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Bravetotrade

24 set 2017

Nota

24 set 2017

Nota

24 set 2017

Nota

28 set 2017

Nota

BN broke 55 EMA, gave a clear signal and confirmation before reaching the first support zone. Today it pierced into the support and bounced near 100 EMA.

There is a possibility that it retests the confirmation level or the 55 EMA, making ABC type structure, before resuming the downtrend.

OR the other possibility could be that BN breaks today's low and..

The downtrend resumes without any consolidation. In that case, the 200 EMA which falls quite near the 22300 level (0.382 level if I am not forgetting) will be a good spot to cover shorts.

Two strong downwaves from the highs are reflecting clear pressure on the downside.

29 set 2017

Nota

Notice how the index made a double top near the 55 DEMA @ 24235 we discussed yesterday and reversed.

Now 24100-24140 will be a supply zone in the near future.

30 set 2017

Nota

Here is the double top I was discussing yesterday. It would be interesting to see BN behaviour at the the confluence Zone shown in the snapshot.

3 ott 2017

Nota

4 ott 2017

Nota

Still in the range..

6 ott 2017

Nota

BN still in range