BN opened at 36370 very close to yesterday's closing level. The 2nd candle was bearish - a big red one, i almost thought the day will trend towards the down side continuing the momentum from last 2 days. But what really happened was that BN took immediate support at 36260 level. Although my support line is at 36167 only.
The reversal was very strong that it took out the resistance at 36558 level very easily. From 10.15 to 12.30 BN traded around this SR line of 36558 before finally breaking out, trending higher and to close at 36795 level. Today's price action and trend was quite confusing and surprising for me - i do not know if today's move is an actual break out or fake.
Last few days on the 5mts candle - the chart pattern shows BN may move much higher ahead - only if today's move was not a false break out.
1hr chart also shows the convincing breakout from the top channel, indicating that further move may happen on the upside. If the subsequent moves are on the upside then we can truly confirm that the channel breakout is true. and BN has completed the minor consolidation and is willing to move upwards.
Important support and resistance levels
s1: 36558, s2: 36175
r1: 37229, r2: 37498
Comments
Post a Comment