Banknifty Weekly Update: Bearish Gartley Pattern...

(BANKNIFTY WEEKLY CHART)

MACD Positive crossover with triangle pattern (Shown with blue line) breakout given a rally upto 12869 (till now).

In earlier post we indicated about 'Bearish Gartley Pattern' of which CD will target 12800-13200 and it made high of 12869 and started correction , till now made low of 12430.

http://justbanknifty.blogspot.in/2014/03/banknifty-weekly-update-heading-to.html

Now banknifty is in 'sell on rise' mode. Below 12480 it will be weak and may slip to  12250--12200. on upside immediate resistance is 12635--12690. 

Banknifty will have strength only above 12850-12870.

NOTE:

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