NSE Banknifty Break-out OR Fake-out?
Key levels: 36496 – 37060
Bank Nifty was following the uptrend channel from Dec 2020, and it had broken on 02 March ’22. There’s a new parallel channel unfolded.
In the last trading session, Banknifty has created a shooting star pattern. And this pattern is a single line pattern that indicates an end to the uptrend. At the same time, it is close to a parallel channel resistance line. Moreover, advance traders must look at 100 EMA on it. These signs are signaling further decline. And that could be from the parallel channel’s resistance line to control price.
An uptrend possibility comes from key levels breakout. So intraday traders can use it as an invalidation level. Moreover, Banknifty prices can hike up to that level this week.
If Banknifty doesn’t cross/close above the second level, you should prepare for the following targets: below
Where can be spotted after a breakout of 37060 level? I will update this soon with premium subscribers.