Weekly | 31-08-2024 | Market Update | PA

 BNF Weekly: 31-08-2024

We will discuss about how BNF performed w.r.t our last post on 24-08-2024 and further PA of BNF.

Price Action

Weekly TF:

• In weekly TF, BNF had a good followthrough move, which closed near to week high.
• Now we have resistance at RED Zone, which shows selling pressure on two weekly candle.
• BNF also closed above TL resistance that we are tracking for last two week.

Daily TF:

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

In Daily TF, 

• Both RSI & MFI continued to stay above TL resistance (No overbought signal yet), MACD is also bullish now.
• In last week, as expected BNF faced resistance (marked by red zone last week), where price faced rejection for 3 days and now it has crossed to above it.
• Now immediate resistance is higher RED zone, which is support during the fall and the pullback for the fall halted in that zone.

Daily Fibo:

• We have a daily close inside the range of 50-61.8% fibo level, but last 2 days volume is below average. so we need to see next 2 days move along with volume.
• Also we have closed above AVWAP from swing high (RED).
• Now the region between two RED ZONE marked are good area for consolidation.
  
• Unless any one zone breaks there will be no clear trend in coming week.
• Green AVWAP from swing low is now expected to move higher by next week.

Acronym:

BNF: Bank Nifty Future.

PA: Price Action.

TF: Time Frame.

TL: Trend Line.

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