TradingV2

#BankNifty - Triangle broke out

Long
NSE:BANKNIFTY   NIFTY BANK
Triangle is breaking out on the upside, waiting on Retest to enter a long position, there are always so many gaps on traditional markets hence I prefer to use Line chart instead of candlesticks for swing trading setups

will post a R:r setup in timeline once we CLOSE above the yellow trendline

weekly MACD is also printing bullish signal about to cross
also there is a double Bottom formed on the weekly time frame
I have posted some Bank charts as well they are all forming same patterns & looking for a Relief rally.

I still consider this bounces as dead cat bounce mainly because Vaccine for Covid-19 is not available for the masses, as long as not every human has been vaccinated the fear of WAVE 2 hitting us will be there, we are also opening up our country which is understandable as second option is much worse for the economy - Depression!!

we have to face the fact & start to live with this virus, there are only 2 emotions that really matters FEAR & GREED, I won't suggest you to be TOO GREEDY with this bounce, keep taking profits at every resistance

There are stocks charts already updated in my profile make sure to check them out :)

do let me know your thoughts on current market situation & the pandemic we are facing in the comments
Comment: Retest Incoming
Comment: EIther this was a Double top & we will follow the red line or we will follow the yellow line hence I said in the beginning wait for retest, I don't trade options or futures in indian market just sharing what I see on charts, I will try to post a R:R setup if RETEST holds



Comment: still no position active either retest holds or we dump down

.618-.65% is what I am keeping my eye on