Om Sri Ganeshaya Namaha

Om  Sri  Ganeshaya  Namaha
follow me on twitter!/lucksr

Tuesday, January 22, 2013

Too Many Rising Wedges

 Nifty has been forming rising wedges continuously making the rise more precarious by the day. Rising wedges are bearish patterns. The loss of upside momentum on each successive high gives the pattern its bearish bias. 

The trend remains inherently bullish due to the series of higher highs and higher lows.Prices move higher while the trading range narrows making the rise slant precarious for a fall. The final break of support will indicate that the forces of supply have finally won out and lower prices are likely. The latest wedge has resistance around 6110 and support at 6092 end of day.

For a holistic view on the Nifty and Bank Nifty subscribe to my daily newsletter .Write to

follow me on twitter!/lucksr

Happy Trading !!

Lakshmi Ramachandran

No comments: