Observations:
BANKNIFTY
price is clearly in a range between the demand zone and supply zone. its clearly a range bound market.
we are still in the uptrend only, in bank nifty ,no sign of bearishness in the market at all time high also.
price broken the demand zone at 43950,closed above the demand zone. and tested the supply zone forms at 44120 levels.
now we cannot decide the momentum of the bank nifty until further price action is to be identified.
If supply zone breaks and showing some sign of bullishness,
we need to aware that at ATH we can expect a falls breakout moments as well @44150 levels.
price showing bearishness but it will not create any fresh lows.
until it creates a fresh lows keep in the same direction of market trend.
Note::
price is below Supply zone,
price clears demand zone, as per the trend we need to listen to market momentum, its clearly in uptrend.
Price at any moment can its change its direction from bearish to bullish, as higher time frame is bullish.
Plan A:: Breakout continuation
Plan B: Fake Breakout.
Plan C:: Gap down and reversal to supply zone and falls back.
BANKNIFTY
price is clearly in a range between the demand zone and supply zone. its clearly a range bound market.
we are still in the uptrend only, in bank nifty ,no sign of bearishness in the market at all time high also.
price broken the demand zone at 43950,closed above the demand zone. and tested the supply zone forms at 44120 levels.
now we cannot decide the momentum of the bank nifty until further price action is to be identified.
If supply zone breaks and showing some sign of bullishness,
we need to aware that at ATH we can expect a falls breakout moments as well @44150 levels.
price showing bearishness but it will not create any fresh lows.
until it creates a fresh lows keep in the same direction of market trend.
Note::
price is below Supply zone,
price clears demand zone, as per the trend we need to listen to market momentum, its clearly in uptrend.
Price at any moment can its change its direction from bearish to bullish, as higher time frame is bullish.
Plan A:: Breakout continuation
Plan B: Fake Breakout.
Plan C:: Gap down and reversal to supply zone and falls back.
Comment:
Price exactly opens In Previous demand zone if acts as resistance price falls.
Comment:
wicks tell us showing bearish pressure ,but price is not going down, means it will again test the supply zone 44050 level.
Comment:
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Please Like, Follow and Comment
Also share your thoughts in the comments section.
Thanks for your Support **
--Educational Purpose Only--
--Not SEBI Registered--