Please do have a look at the earlier analysis as well for the overall picture. This analysis is biased with Fibonacci levels for entries
BNF has been underperforming from the last few weeks, so it may play a catch up with Nifty
on the way up starting from 30405 lvls, BNF has made bold green candles at the lvls faced rejection .618 lvl of 35802. Even after facing rejection, the red candles were not as big/bold as the green candles. That is the reason we see consolidation happening in BNF since last month.
Now again BNF is at an important lvl of 34771 - will it be a big bold green candle from this lvl and then it will take out 35802 lvl ? don't know - maybe a wishful thinking, but this is what is emerging as a possible pattern
It may fail, so need a Stop loss for trade plan - 34369, if a 15 min candle closes below 34369 exit Longs
If this hypothesis works as expected - the targets are provided on the chart
Happy Trading
BNF has been underperforming from the last few weeks, so it may play a catch up with Nifty
on the way up starting from 30405 lvls, BNF has made bold green candles at the lvls faced rejection .618 lvl of 35802. Even after facing rejection, the red candles were not as big/bold as the green candles. That is the reason we see consolidation happening in BNF since last month.
Now again BNF is at an important lvl of 34771 - will it be a big bold green candle from this lvl and then it will take out 35802 lvl ? don't know - maybe a wishful thinking, but this is what is emerging as a possible pattern
It may fail, so need a Stop loss for trade plan - 34369, if a 15 min candle closes below 34369 exit Longs
If this hypothesis works as expected - the targets are provided on the chart
Happy Trading
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Nearing target
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