Market Trend Lab

(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. 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/