Bank Nifty Multi-Month Head & Shoulder Neckline Re-test
A Head and Shoulders pattern is used in technical analysis which occurs when a massive reversal in the ongoing trend in the market happens occurs. The chart pattern of Head and Shoulders is marked by three successive peaks:
Original Trend of BNF - bullish
The Left Peak or the left shoulder
The Centre Peak or the head
The Right peak or the right shoulder
Reversal - when breakdown from Neckline happen - last week of Feb 2022
Re-Test of Neckline - 17 March
Breakdown continuation - 24 March
Higher the duration of formation - Higher is the probability of aggressive breakdown
the SL and Target both in the case of BNF are gap zones - Let's see what gets filled first
Happy Trading