A potential double bottom is forming.
This rare pattern highlighted is known as Adam & Eve pattern where first bottom is V - shaped and second one becomes rounding bottom.
Recently it broke out of head & shoulder pattern and may retest the neckline again before heading towards its technical target around 31500 level.
If that level sustains then the rounding bottom will be more prominent, that's the reason I have drawn that curve.
Before going down, some pullback is expected till 35550 level which is now a strong resistance level.
Some support around 33450-33550 level is expected before the final drop.
Logic behind formation of bullish pattern is when repo rate increases, banks will also increase their lending rates consequently profitability increases.
As always do your own due diligence before taking any action.
Peace!!
This rare pattern highlighted is known as Adam & Eve pattern where first bottom is V - shaped and second one becomes rounding bottom.
Recently it broke out of head & shoulder pattern and may retest the neckline again before heading towards its technical target around 31500 level.
If that level sustains then the rounding bottom will be more prominent, that's the reason I have drawn that curve.
Before going down, some pullback is expected till 35550 level which is now a strong resistance level.
Some support around 33450-33550 level is expected before the final drop.
Logic behind formation of bullish pattern is when repo rate increases, banks will also increase their lending rates consequently profitability increases.
As always do your own due diligence before taking any action.
Peace!!
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.