Daily Chart showing rising wedge
Uptrend is intact. However one needs to be cautious considering the fast and steep runup without meaningful corrections, break of lower trendline of the rising wedge and the warning negative divergences on intraday charts.
- We have twin dojis on daily charts.
- Yesterday's lows held and highs were scaled by just a whisker.
- The Nifty is moving up in a rising wedge and the lower trendline has been broken but there is a only a sideways movement till now. Anticipate a sharp fall if continues to trade below the trendline.
- Oscillators on Daily charts are strong but intraday charts continues to show negative divergence.
- The neckline of the inverse head and shoulder show in green is proving strong resistance.
- Nifty maintains for the third consecutive day, the breakout from the downtrend line drawn from all time highs shown in green on daily charts.
Resistance and support levels marked on charts.
Happy Trading !!