BANKNIFTY (BANKNIF), H4 Potential For Bearish Drop

40291 banknifty banknif h4 potential for bearish drop

Type: Bearish MomentumKey Levels:Resistance: 38672.65Pivot: 36071.55 Support: 34612.4Preferred Case:On the H4, with price recently reversing off the pivot , we have a bearish bias that price will drop from the pivot at 36071.55 in line with the 78.6% fibonacci retracement and swing high, to the overlap support at 34612.4 in line with the 78.6% fibonacci projection .Alternative Scenario:Alternatively, price may break the resistance level at the pivot and rise to the overlap resistance at 36872.65 in line with the 61.8% fibonacci projection .Fundamentals:No major news

Source: Tickmill

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