Bank nifty has gave breakout of falling wedge on hourly chart .11420-30 is an resistance zone as per line chart which is comfortably above 200dma. above which it can face resistance at falling red channel line. Close above 11420 will generate a buy signal in bank nifty, first sign of weakness on close below 5DSMA.
USD- INR is forming a huge symmetric triangle on weekly chart. Breakout levels are market in blue line on the chart. Break on either side will give Rs 8.7 move. On upside break of 55.25 target is 64 while break of 53 gives target of 44.5.
From the daily chart it is clear that Ranbaxy has finished ABC correction from recent high of 578 and made double bottom at 370. From lows of 380 price are moving in well-formed price channel as seen in 15 min chart. Daily and weekly trend is firm UP.
In a post earlier I have mentioned about a probable head and shoulder pattern developing in bank nifty. A similar pattern is forming in NIFTY chart.
Channels are very powerful trading tools check out old post for CANBK & FINANTECH. I always try to find out if there any price channel in formation. One such highly rewarding trade is shown in chart above.
This is the first guest post from Sumeet Jain author of Pattern Trading Blog in this post here share about his high probability pattern trading ideas