Bank Nifty- Observation

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 Bank Nifty ( Head and shoulder Pattern) 



A very nice head and shoulder pattern has given a breakout on Friday in BankNifty on 1hourly time frame we can see it very nicely. 

Now as per the rule it provides target as equal to the depth of the head and neckline. Which is almost 10% so we can expect a 10% upward move in Bank Nifty. 

There might be two consequences:

1. It may directly go towards target where it will be difficult to manage risk( so it is advisable if market open high on Monday avoid the entry)

2. If market pull backs toward neckline of the head and shoulder so that will be nice trade we can enter if it makes support and suits our risk parameter.

Thank you.

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