Bank Nifty forms Bullish Cypher pattern,EOD Analysis

As discussed in Last analysis Bank Nifty is bullish above 18750 for another move towards 18915/19000. Bulls need a close above 19158 for target till 19500,Bears below 18550.Bank Nifty still trading near horizontal line suggesting impulsive move on cards. Further bearishness can be seen below 18550 for move till 18280/18070.  Bank Nifty made low of  18444 unable to close below 18550 suggesting bears are still on backfoot as not able to break the market below the support zone of 18550.  Bank Nifty is still unable to close above the gann falling trendline as shown in below figure, so bears need close below 18550 and bulls above 18750 above vertical falling trendline for a trending move to happen of 300-400 points.Also we are falling cypher harmonic pattern suggesting we can see move till 18980 , so both gann and harmonic studies are meeting and signalling move on upside if we close above 18550.   Why Traders lose money  Part-I

Continue Reading