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We're also at a key support zone on #banknifty, which coincides with the gap fill, AND coincides with the 55 moving average (EMA).
After two strong down days, today we might have some relief or pause. We're also at a key support zone, which coincides with the gap fill, AND coincides with the 55 moving average (EMA).
In short, we're at a make a break point. While I'm bearish, there could be a small rally from the bulls... this may cause a head and shoulder pattern that leads to a further drop. But nothing is 100% perfect in charts or trading.
We're at the 55 EMA, which is where we bounced last time in June. But if we don't bounce this time, we can see lower levels.
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