0Banknifty consolidated for a few hours with a bullish bias. The hourly chart shows all first three candles though of Doji pattern closed above 21800. Then it started moving up, and last hours it gave explosive move to make a new high breaking Apr-30 high. High made today @ 22322 and closed @ 22264. So above 21800, we achieved all our intraday targets and now very near to the 3rd swing target of 22500.
Look at how MACD histogram (line plotted) took support @ the "0" level, and the MACD level bounced from the MACD signal before giving big impulsive move.
The daily chart is showing Banknifty above the Upper Bollinger band. The possibility of bullish move continuation very likely. The daily chart shows trendline (RED) resistance @ 22900.
Weekly chart resistance @ 22800 (We discussed this chart in Update for Jun-17 post)
Gann Box:
Gann Box showing next resistance levels @ 22550-650 (Weekly chart) and 22950-23000 (Daily chart)
Trade Plan:
We may get tomorrow our 3rd Swing target of 22500
Intraday:
Above 22300 targets are 22500/550/650/22800/22900
Below 22000 targets are 21800/21650
