Last Friday Bank Nifty does a breakout failure followed by a sharp reversal forming an Upthrust bar and Two Bar reversals on Daily Timeframe. It is typically a dual reversal pattern that brings immediate downside odds in short term.
What is Upthrust Bar?
An Upthrust bar is a wide range bar seen during an up-trend when price makes a new high and closes strongly down on high volume. It is a concept from Volume Spread Analysis (VSA)
Long Awaited Quick Flip Long Signal on 15min Timeframe came to an end
Banknifty quickflip outlier signal which lasted for almost a month finally came to an end.
Bank Nifty Futures – Market Profile
Bank Nifty Futures last friday ended with a breakout failure clearing the Thursday’s failed auction , weekly gap and minor visual references. Immediate positional destination target comes around PPOC – 38400 and AB Poor Low – 38200 levels.