BNF Channel View
NF AND BNF DURING MARKET TIME
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BNF holding STD CHANNEL
BNF JUNE Contract BNF had a spike open on 22/05/2023. Ignore the spike open and high. Consider the high of 29/05/2023 as the high of the current rising phase. The high formed on 29/05/2023 is 44525. A rising 1 St. Deviation Channel has been drawn on the price chart. The channel has been held and created support at 43861 and 43455. The low of 43455 is the higher bottom of the current phase and 43455 as the trading higher bottom. The demand zone created by 43455 is 43796-43455. A fall and close below 43861 with bearish large candle can mark the high of 44525 an intermediate swing top. This could lead down for correction to test 43455,43000 and 42800. The higher top and higher bottom formation is still in place. Further rally is above the breakout above 44525. Traders long and holding the same may keep 43861 as downside trigger to protect long position. Down trigger is 43861 if closes with bearish candle.
Averages Sync with Breakout
Averages Sync for UP trend on daily chart. Attempt for breakout from the wider sideways range denoted by the purple lines. Volatility will be a function of lower time frame in comparison to the chart time frame which we are watching. since breakout does not happen in vertical line most of the time. Therefore, when we look at the lower time frame chart it will be associated with oversold and overbought to understand the volatility if higher trend breakout is visible then look for a point from where it can fail the support and trading higher bottom Our rules of open will always help to be in track with market and in line with market
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