BANKNIFTY seems to have reversed the trend from Bullish to Bearish and has been making higher lows and lower highs. It seems to consolidating in a downward parallel channel in a very tight range as shown in the chart. It needs to get out of the channel upwards to break the bearish trend. Short term we might see some bounce off to hit the upper end of the channel and pull back later. With holiday season setting off US and Europe, we might see light volume ands bounce offs. Don't take any aggressive bets right now , either long or short side. Wait for 2022 to kick off and get a direction to market. Watch out for the key support levels 33910, 32115 and 30405.
ノート
BANKNIFTY hitting upper end of the channel as expected. It need to break out of this channel upwards and take out 37581 to reverse the bearish trend to bullish. Overall trend is bearish, short term it might float up to 36530.ノート
Bank nifty break out the channel. Trend reversed from bearish to bullishトレード終了: 利益確定目標に到達
First target reached 33910, next 32115 and 30405. I was wrong predicting the timeline, but nevertheless predicted the price action bit early.
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