February 14, 2015

BANK NIFTY weekend update

Trend is up because of reversal bars in the green boxes... these are powerful and generally reliable patterns so it makes sense to respect these.

It is surprising that people are shorting this index (unless your SL is lifetime high).

This rally may lead to new highs or formation of a lower swing high (equal probability) so just trade long with a SL.

On 20 day swing, trend is still and will reverse on close above recent all time highs.

On weekly charts, we have a bullish piercing line pattern... normally this is reliable but in this case, previous trend was down only a week so reliability is not so high.

Note strong support near 18000 levels.

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