Let’s Decode BNF for Tomorrow
Today, BNF was in a narrow range as expected after 5 days continued movement. It returned from 10 Days EMA on Daily chart, but tried to broke 100 EMA on 5 min TF. Next 2 days will be interesting to decide BNF direction. It has given tight close on Daily TF indicating a gravestone Doji. Entire it was looking bullish suggesting a possible upside but bulls started unwinding positions in last 60 minutes. Please remember, I follow Chart & not the news for analyzing any Stok/ Index. Even if BNF rallies up, it may have stiff resistance at 43150 & 43300 levels. Bears will have strong pushback, but if it sustains there, we may have Bull’s Party!
On 5 min TF, we have 2M Pattern, which suggest Double tops have been rejected twice, now if we break that topline tomorrow, new year party will be on early, else we might see a sharp fall in & recovery trapping retailers on both sides.