Banknifty has broken the support in the second attempt. It has breached the support with long bearish candle.
The flag pattern which we spoke about in my previous post became invalid with downside breakout.
A pullback can be seen as highlighted in the chart but it could not close above the support as it faced rejection at the level and also at the green ema.
Hence below the horizontal line BNF is bearish and vulnerable for more fall.
Any closure above it will be a bullish signal for coming week.
Note: The above is strictly my view and not a trade recommendation. Consult your financial advisor before making any trade.
The flag pattern which we spoke about in my previous post became invalid with downside breakout.
A pullback can be seen as highlighted in the chart but it could not close above the support as it faced rejection at the level and also at the green ema.
Hence below the horizontal line BNF is bearish and vulnerable for more fall.
Any closure above it will be a bullish signal for coming week.
Note: The above is strictly my view and not a trade recommendation. Consult your financial advisor before making any trade.
