BNF Weekly: 07-09-2024
We will discuss about how BNF performed w.r.t our last post on 31-08-2024 and further PA of BNF.
Price Action
Weekly TF:
- In weekly TF, BNF faced rejection from red zone and failed to hold higher levels.
- BNF has engulfed previous week bullish candle and formed outside candle..
- Now TL has been adjusted for new pullback high & BNF closed week just at two weeks doji high's.
Daily TF:
Indicators: RSI, MFI, MACD, VOL (as per order in chart)
In Daily TF,
- Both RSI & MFI had fall down, MACD have turned bearish on friday.
- Now BNF is in between red and green zone and Friday fall have engulfed 10 days of slow upmove.
- We are at high of two weeks of .consolidation zone and need to see follow through price action.
Daily Fibo:
- We have a strong rejection from the range of 50-61.8% fibo level.
- Now we have retraced 50% of upmove and closed above it.
- As expected during last week 2 days volume was below average and we had a nice fall on friday.
- Also we have closed below green AVWAP which is from swing low(RED).
- Now AVWAP from recent swing high will be immediate resistance.
Acronym:
BNF: Bank Nifty Future.
PA: Price Action.
TF: Time Frame.
TL: Trend Line.
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