BNF Weekly: 17-08-2024
We will discuss about how BNF performed w.r.t our last post on 10-08-2024 and further PA of BNF.
Price Action
Weekly TF:
- In weekly TF, BNF again bounced back from prev "resistance turned support" zone.
- BNF formed twice long wick on bottom of candle, which confirms buying intrest again from support.
- But Still last week candle couldnt close above prev week candle high and formed close to inside week candle pattern.
Fibo & TL:
- Since there is no change in PA wrt prev. week, still 50% Fibo retracement level holds.
- For any bullish momentum to set in, we need to cross 51,150 leve which is 38% Fibo retracement level of .fall from swing high 53,301.
- Along with Fibo level, the GAP will also get closed above the same level (51,150).
Daily TF:
- In Daily TF, MACD is still slightly bearish. (Yet not crossed 0 level)
- BNF took support from zone explained in above weekly TF analysis.
- RSI is showing a BO at TL resistance and MACD slowly moving towards 0 line.
- In Price chart we have TL resistance which coincide with AVWAP from swing high.
- For any bullish movement, we need to close the gap and need to sustain above Red AVWAP.
- For past two weeks we are in the range, so next good momentum can be expected only when we trade outside this range.
Acronym:
BNF: Bank Nifty Future.
PA: Price Action.
TF: Time Frame.
TL: Trend Line.
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