BankNifty // Reason of BounceBack and Further vision
https://www.tradingview.com/chart/fIEbsBcR/
BankNifty: As shown in chart here, BankNifty went into pullback after making its all time high and its new Supply zone, a few days back. It reached to its previously established price zone which was its old demand zone too. It is obvious that if any ticker goes into Demand zone, it can easily bounce back sooner or later. Same happens if any ticker goes into its old Supply zone, it can be pulled back.
After touching the old Demand zone, it bounced back and reached to its old Supply Zone today.
From here, there can be two possibilities : Either it can restore to its old demand zone which is in the range of 44000 or it may go to its New Supply zone which is in the range of 48000.
One thing to notice, the RSI on Daily chart is turning bullish and touching the Neutral zone at 40 from its Bearish zone. Also, it has already crossed its signal line to upside.
Lets see how the near events affects its journey.
BankNifty: As shown in chart here, BankNifty went into pullback after making its all time high and its new Supply zone, a few days back. It reached to its previously established price zone which was its old demand zone too. It is obvious that if any ticker goes into Demand zone, it can easily bounce back sooner or later. Same happens if any ticker goes into its old Supply zone, it can be pulled back.
After touching the old Demand zone, it bounced back and reached to its old Supply Zone today.
From here, there can be two possibilities : Either it can restore to its old demand zone which is in the range of 44000 or it may go to its New Supply zone which is in the range of 48000.
One thing to notice, the RSI on Daily chart is turning bullish and touching the Neutral zone at 40 from its Bearish zone. Also, it has already crossed its signal line to upside.
Lets see how the near events affects its journey.
