BANKNIFTY WEEKLY UPDATE : TRADING IN FALLING WEDGE PATTERN

(BANKNIFTY WEEKLY CHART)

Banknifty is downtrending in week timeframe with MACD crossed down. It is highly oversold.

Today in above chart we have shown fibonacci fans and fibonacci retracement supports and resistance (shown with red dotted lines) and falling wedge pattern (shown with black dotted lines) Which suggest that banknifty above 9600-9660 zone will move towards 9900-10050 zone whereas below 9600 weakness will be continue and may slip upto 9200-9000 level.

To read more on 'Falling Wedge Pattern ' go to following link:
http://justbanknifty.blogspot.in/2013/04/banknifty-weekly-analysis-and-fallling.html#more

For coming Week our weekly Agni and JBNSAR levels  are 8940 and 9940 respectively.

Our Weekly JBNSAR system given Sell signal below @11525  on 16th july 2013 (open gap down @ 11459). Part booking was advised near 11000 and balance shall be held till it reversed by weekly JBNSAR.

On right side of blog, Daily and weekly Agni/JBNSAR levels are mentioned they act as important support / resistance levels.. Positional traders should trade with weekly JBNSAR.