rising wedge is a bearish pattern that begins wide at the bottom and contracts as prices move higher and the trading range narrows. This pattern is a bearish reversal pattern when formed during uptrends.The half hourly chart shows a rising wedge formation. The RSI(14) shows bearish divergence. The ROC(12) has failed to scale the last high made suggesting that the move may not be all hunky dory.
Daily Chart :
The Macd histogram is in negative divergence on the daily charts. The light green channel shown on daily charts has resistance at 3368.Breakout target of channel is 4130.
Supports and Resistance levels are shown on the charts.
Positional longs from low levels , should shift stops to 3150-- the low made today. If not long, then stay out. One may go short only if the Rising Wedge is broken decisively. Stop Loss would be a few points above the breakdown point on such short positions taken.
Happy Trading !!