#Nifty #BankNifty Weekly Ichimoku Analysis.
PS - Swing Traders and Positional Traders should wait for weekly price action confirmation for good profits.
#TrendMaster_
Disclaimer - Views expressed in the above said article is for study purpose only and DO NOT Solicit any Buy or Sell Trade in the above said Index.…
#Nifty on weekly charts struggling to close above 8600, Holding near to Kijusen is a worry. Rising Wedge formation in weekly time frame indicates contraction on the upper side and impending breakout soon. Either side breakout will trigger long term momentum flow. Crucial levels of 8600 - 8680 on higher band and 8180 -8080 on lower band.
I my view market would contract more on the upper levels of 8600-8580 in coming days before confirmation of trend. I would wait for the breakout and confirmation of the same with valid price action on weekly charts.
(Atleast 1000 pts movement on either side cannnot be ruled out)
#BankNifty following Nifty in pattern formation hard to close above 19200. Trading range locked at 18200 - 19200. Close either side on weekly basis will confirm trend in coming sessions. Bullishness prevails as price still trading above cloud on weekly charts; but weakness in price movement indicates short term reversal. On daily charts Banknifty trading near to channel top around 19100 - 19200 levels.
In my view market would consolidate and may hunt some stops for bears near 19400 levels before exhaustion and reversing to the lower levels of 18400 - 18200.
PS - Swing Traders and Positional Traders should wait for weekly price action confirmation for good profits.
#TrendMaster_
Disclaimer - Views expressed in the above said article is for study purpose only and DO NOT Solicit any Buy or Sell Trade in the above said Index.…
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