Weekly | 24-08-2024 | Market Update | PA

 BNF Weekly: 24-08-2024

We will discuss about how BNF performed w.r.t our last post on 17-08-2024 and further PA of BNF.

Price Action

Weekly TF:

• In weekly TF, BNF gave BO from the last two weeks range, but weekly close is exactly at last two weeks high.
• This week BNF tried to close the gap resistance, and got rejection from the gap.
• BNF fromed doji kind of paatern in weely, still need a good follow through candle to be bullish.

Fibo & TL:

• We bounced up from 50% retracement and reached 38.2% Fibo level of fall from swing high.
• Now we have reached TL resistance from swing high too.
• Now we are at important confluence, TL resistance + GAP closed + 38.2% retracement.
• Next week holding this level for some day and then a good followthrough move can be expected.

Daily TF:

Indicators: RSI, MFI, MACD, VOL (as per order in chart)

• In Daily TF, MACD turned bullish on 19/08/2024.
• RSI continued to stay above TL resistance, MACD turned bullish now, MFI yet to give BO.
• BNF has resistance (marked by red zone), where price took multiple support during the fall.
• Now immediate resistance is RED zone, which coincide with RED AVWAP from swing high
• Support for this upmove is marked with green AVWAP from swing low. Untill this holds expect sideways to upside move to continue.

Acronym:

BNF: Bank Nifty Future.

PA: Price Action.

TF: Time Frame.

TL: Trend Line.

Keep Learning 🕮