Recently, Banknifty experienced a breakout from this downward channel. A breakout occurs when the price moves outside the boundaries of the channel, indicating a potential change in the trend. In this case, the breakout happened when the price rose above the upper resistance trendline of the channel.
The breakout occurred at a specific level, which was 44754. This means that the price of Banknifty moved above 44754, signaling a potential shift in the trend direction.
Now, after the breakout, Banknifty is undergoing a retest of the breakout level. A retest is a common market behavior where the price returns to the breakout level to test its strength as a new support (in the case of an upward breakout) or resistance (in the case of a downward breakout).
The breakout occurred at a specific level, which was 44754. This means that the price of Banknifty moved above 44754, signaling a potential shift in the trend direction.
Now, after the breakout, Banknifty is undergoing a retest of the breakout level. A retest is a common market behavior where the price returns to the breakout level to test its strength as a new support (in the case of an upward breakout) or resistance (in the case of a downward breakout).
Comment:
BANKNIFTY has the potential to reverse and clock 46200
🙏🏻🙏🏻🙏🏻