In the case of #BankNifty, we can see that the pattern has recently emerged, with a clear head and shoulders formation that is currently in the process of inverting.
In 5 minute chart we can clearly see The left shoulder was formed, followed by a sharp drop and a bounce-back that established the head of the pattern. This was followed by a pullback that formed the right shoulder, with the neckline running through the range of 42110-42140.
If the neckline is broken decisively, it would confirm the inverted head and shoulders pattern, and indicate a potential bullish reversal in the market. In this scenario, traders may consider entering long positions with a target of 42555 or even higher.
In 5 minute chart we can clearly see The left shoulder was formed, followed by a sharp drop and a bounce-back that established the head of the pattern. This was followed by a pullback that formed the right shoulder, with the neckline running through the range of 42110-42140.
If the neckline is broken decisively, it would confirm the inverted head and shoulders pattern, and indicate a potential bullish reversal in the market. In this scenario, traders may consider entering long positions with a target of 42555 or even higher.