(BANKNIFTY WEEKLY CHART)
In above weekly chart, one can see banknifty has made 'Bearish Butterfly Pattern". This pattern gives target range of level 14800 to 16500. It has made high of 15742 till date. It is also facing long term trend line resistance near 15650-15700.
It will have strength only above 15700 to move towards 16500....21000 level too "if we really approach the good days ahead"... On downside it has good support around 14700-14500.
It will have strength only above 15700 to move towards 16500....21000 level too "if we really approach the good days ahead"... On downside it has good support around 14700-14500.
BEARISH BUTTERFLY PATTERN:
here, the CD leg extends towards a 1.272 to 1.618 Fibonacci extension of the XA leg. Note, that Fibonacci extension can even be as far as 2.618 - but beyond that then the pattern is invalid.
NOTE: FOR PAIR TRADING VISIT: http://justbankniftystock.blogspot.in/
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