Look at the bigger picture.
On the chart itself Banknifty is stuck between a significant support and resistance zone. For all those who are waiting for going long on banknifty, a close above this level might decide the future. Also, if you look at RSI it is in the key support zone. If RSI trends upward after taking support at this level long positions can be initiated. On lower time frame if the ascending triangle breaks successfully then upward momentum will be confirmed. ( There might be chances of triangle breakout failure for short term as seen in USDINR)
This setup might take a few weeks to occur or could never happen if the above zones break easily due to any reason. Wait for confirmations then initiate a long position in this scary bearish market only if you believe in your setup.
This explanation is only for educational purpose and isn't any kind of recommendation. Don't take any action based on this explanation itself. Consider your financial advisor before taking any trades.
Thanks for your time. Happy Trading
On the chart itself Banknifty is stuck between a significant support and resistance zone. For all those who are waiting for going long on banknifty, a close above this level might decide the future. Also, if you look at RSI it is in the key support zone. If RSI trends upward after taking support at this level long positions can be initiated. On lower time frame if the ascending triangle breaks successfully then upward momentum will be confirmed. ( There might be chances of triangle breakout failure for short term as seen in USDINR)
This setup might take a few weeks to occur or could never happen if the above zones break easily due to any reason. Wait for confirmations then initiate a long position in this scary bearish market only if you believe in your setup.
This explanation is only for educational purpose and isn't any kind of recommendation. Don't take any action based on this explanation itself. Consider your financial advisor before taking any trades.
Thanks for your time. Happy Trading