(BANKNIFTY WEEKLY CHART)
Banknifty back in Triangle (shown in black dotted lines in above chart) after giving false breakout.
In 22nd May 2013 weekly post we shared some interesting observation about banknifty like negative diversion in RSI and might be false breakout from triangle shown in black dotted lines in above chart.
In 22nd May 2013 weekly post we shared some interesting observation about banknifty like negative diversion in RSI and might be false breakout from triangle shown in black dotted lines in above chart.
Now it seems that it was indeed a false breakout from triangle and reason for our belief was one negative diversion and other rising channel resistance just above triangle breakout. Triangle breakout was around 12940 and channel resistance was around 13550-13600. Banknifty after breakout made high of 13414 and got sold off which again brought it back into the triangle.
Daily trend has turned downward and weekly trend is 'sell on rise ' mode. MACD yet to give negative cross over whereas RSI is still paused at mid point. This indicators might give clear signal next week.
According to our Weekly AGNI and JBNSAR System , Banknifty given sell signal @12820 on 30th May 2013 and till date made low of 12453.
Now for next week, Banknifty has support around 12115-12200 zone and below which there is channel support around 11900-11950 zone and upside resistance around 12835-12900 zone.
NOTE: There are many enquires for Banknifty service. Please note that Due to time limit we are not providing banknifty call service right now. Banknifty Agni and JBNSAR for daily and weekly timeframes are provided freely on right hand side of our blog. Right now we are only concentrating on our pair trading service. Thank you for all your interest in our blog.
We are in process of making write up on how to trade with our Weekly Agni and JBNSAR system and which will be available in short time.
NOTE: There are many enquires for Banknifty service. Please note that Due to time limit we are not providing banknifty call service right now. Banknifty Agni and JBNSAR for daily and weekly timeframes are provided freely on right hand side of our blog. Right now we are only concentrating on our pair trading service. Thank you for all your interest in our blog.
We are in process of making write up on how to trade with our Weekly Agni and JBNSAR system and which will be available in short time.
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