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 and faced  strong resistance and selling pressure near  15550-15750 . Weekly MACD has given negative crossover. Upside resistance 15150 and 15500 . Downside support near 14700 and 14300 . 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/