Bank nifty has reversed from 1.618FE of wave 1. IF it takes support at the 38% or 50% fib levels (and the trendline), then it could result in a sharp up move to new highs. This should pull Nifty too; just that the wave structure is clearer here. (Support at the 23% fib level for the up move after that is possible too but then an initial entry would be difficult...
Axis bank has started it's final wave 5 to new highs. A good buying opportunity (from long term perspective) could arrive IF it comes to retest the upper trendline of the latest correction (as shown by arrows).
Pretty favorable P/L ratio for a risky volatility breakout swing trade.Long up R$14.17, Stop Loss at R$13.43.
Trends seem to all lead to going long schwabb until at least 30. let me know your thoughts!
We have to keep instruments like this under a close eye over the coming week. Although a lot of indicators and paterns pointing to a breakout, it is clear that Brexit worries are keeping it down for now. I expect it to be a flat week until Thursday evening/Friday Morning of the 24th. Neautral But I like the repeating Head & Shoulders bottoming patterns!
It's all about making an educated bet to try to get it right.
This is a revision of my prv BANKNIFTY chart "https://www.tradingview.com/chart/BANKNIFTY/Qr1NFlnT-Bank-Nifty-Oversold/". I explicitly stated "Oversold" as I viewed the retrace that I had called till 16k as just a retrace and not any strong sign of resurgence in the banking sector. The channel has proved to be strong. 1st Tp 13.2k 2nd Tp 12.3k.
It is moving within the trend line for a while and now it has touched the resistance trend line, which indicates a reversal. Situation two key points, 1. Overbought AO ( reversal indicator) 2. Bearish Cypher pattern completion at trend line
The retracement has been done below its intrinsic valuation due to weakness in overall bank sector. I believe this stock is a fast grower and at this valuation it is great buy.
#banknifty #technical Whats Next???--- BankNifty futures have broken past the crucial support zones. Now any pull backs to 17380-17420 will be challenged. On the downside a break below 17200 can lead to fall to 17065-50 zones where we may expect support to come in from both technical and psychological basis. On the upside bullish trend will only resume if 17450 is...
We saw nice return of DB on Friday. I think the price will hit 27 or area around.
1981 Speculation of a self diluting market unknown to it's customers…. All I gotta say is that they chopped the fu$% out those $16.27 in 1981-09-02, thinking the dollar was going to rally towards, customers thought wrong! Loan, Loan, Loan, Loan money thats not there. In Money We Print….. Capital Credit that consumes itself giving credit to anyone unknowing...
Price currently at key level in the market. If price breaks above 15.95 then it can reach 16.50, 17.35 then eventually 18.00. However, with the earnings decreasing by 0.02% could push price further down. If the trend line is breached then our first target would be 15.35 then lower to levels of 14.00. When each target is met we would look for further PA confirmation.