- There are some very interesting things happening on the Banknifty weekly chart above.
- First since the start of 2012, we have been rising faster and falling slower, which is a clear indication of the fact that the trend is higher.
- Every time the indicators reached the OS levels we got a nice move out of it.
- So far since 2012 we had never violated a pivot low, which has occurred just now, but again this has happened with larger time taken to fall than to rise.
- So by this token the trend is still up, and we are once again at the OS levels on the indicators.
- For traders this is a nice reward to risk setup, my personal opinion would be to buy at these levels with a small stop below last pivot low, and target towards the 61.8% retracement level of the last fall.
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