Hope everyone is doing well.
Channel pattern has started on 15th April which is still following and market is within the range of this pattern. There was a slight deviation on 6, 7 and 8th of May month. From 11th May it has fallen again in the range.
As of today, channel top has touched one more time and strongly rejected at ~23717.
If the same pattern continues then we may see ~23000 first before breaking the pattern. Otherwise pattern breaks without touching it’s low then expecting retest at ~23694 for further ups till ~24336.
Let’s see how it goes, personally I want it to break and retest so the bullish momentum can begin.
Too soon to decide now let’s wait and watch the play.
Please note this analysis is purely for educational purposes only. Do take your financial advisor before taking any trade.
Channel pattern has started on 15th April which is still following and market is within the range of this pattern. There was a slight deviation on 6, 7 and 8th of May month. From 11th May it has fallen again in the range.
As of today, channel top has touched one more time and strongly rejected at ~23717.
If the same pattern continues then we may see ~23000 first before breaking the pattern. Otherwise pattern breaks without touching it’s low then expecting retest at ~23694 for further ups till ~24336.
Let’s see how it goes, personally I want it to break and retest so the bullish momentum can begin.
Too soon to decide now let’s wait and watch the play.
Please note this analysis is purely for educational purposes only. Do take your financial advisor before taking any trade.
Trade active
20-May-2026: Market gap down and it got mid channel support immediately at ~23395 and it pushed up till 23960 and due to upper region of the channel it respected and holded for today.What can expect tomorrow ? A huge gap up ? or Continuation of channel downwards ?
Let's see my opinion could be a gap up of at least 140 points. 23800 is a crucial resistance where it got support on 24 Apr & 31st Apr and Sharp rejections 15th May & 19th May.
But anything can happen due to the global tensions.
Please consider this for educational purposes only. Do not take any trade without your financial advisor.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.