Weekly Chart
Found this rising wedge, forming since 2015-2016, along with a negative divergence in MACD.
Forming on weekly charts makes it all the more reliable. Break of support line will confirm start of a correction.
However, since an up leg is forming at the moment, the Nifty could go up to around 12000-12350, which are the values on the resistance line of the rising wedge uptill May 23rd, before starting a fall.
Forming on weekly charts makes it all the more reliable. Break of support line will confirm start of a correction.
However, since an up leg is forming at the moment, the Nifty could go up to around 12000-12350, which are the values on the resistance line of the rising wedge uptill May 23rd, before starting a fall.
Daily Chart
Last four week's action has formed an expanding triangle,a bearish formation at tops, alongwith negative divergence.Break of support line to be awaited to confirm start of a fall.
Half Hourly Chart
Half hourly charts show a flag pattern breakout indicating some upmove could continue for some more time.
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Happy Trading !!
Lakshmi Ramachandran
