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Banknifty Bullish Move Analysis - May-27, 2020

I could not upload posts yesterday on Banknifty update as unable to upload charts due to internet issues. So I am posting yesterday's charts, just to analyze today's upmove. I will just analyze how Gann Angles, RSI, and futures data helped to capture today's move.

Following observations on various charts:

  • Yesterday's low was an exact reversal from Weekly 45-degree (1/1), Gann Angle
  • On the Daily chart, RSI made Bullish "W" pattern
  • On the Hourly chart Bullish MA ( I use 30-EMA/40-MA) crossover after Bearish crossover on May 5

Futures Data 

  1. Huge reduction in OI (short covering of positions added on May 22)
  2. Future to spot premium changed from -63 to +5
This information created a Bullish view on Banknifty.

The signal for Big Move Today:

Exact opening on Banknifty Gann Degree Number 17600 (opening was @ 17603). This signaled BIG Move(700-800). My target because of this opening is 18300 i.e. next Gann Number. It actually moved too far from even 18300 (not expected).











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