Banknifty has made a double top pattern in weekly chart and this week. we have seen a retest candle so now the real question is, will the breakout sustain blow the breakout level and to answer that question we have two conditions -
First Condition: If banknifty index goes above this week's candles high i.e. above 44450 level then we will consider that a false breakout.
Second Condition: If banknifty index goes below 42100 level then we will have confirmation of double top chart pattern breakout and the possible target can be 39400 level.
Don't forget these conditions because we don't have any confirmation yet so we will just wait for price action to give us confirmation about if this is a false breakout or genuine breakout so wait and watch.
First Condition: If banknifty index goes above this week's candles high i.e. above 44450 level then we will consider that a false breakout.
Second Condition: If banknifty index goes below 42100 level then we will have confirmation of double top chart pattern breakout and the possible target can be 39400 level.
Don't forget these conditions because we don't have any confirmation yet so we will just wait for price action to give us confirmation about if this is a false breakout or genuine breakout so wait and watch.