In a daily time frame, Deepak Nitrite has been observed in Falling Wedge Pattern Structure
The falling wedge is a bullish price pattern that represents a story about the market in which bulls are preparing for another push. A falling wedge pattern is bullish, although it appears after a bearish trend.
The falling wedge pattern works as both a trend work as a trend reversal and a trend continuation pattern.
If the falling wedge appears in a downtrend, it is considered a reversal pattern.
A falling wedge is an important technical formation that signals that the correction, or consolidation, has just ended as the asset’s price left the wedge to the upside and, in most cases, the continuation of the overall trend is taking place.
In Current structure we can see that the price has been higher than the 20 MA level ,which is good sign for Bullish and also price has sustained above the support level along with good volume accumulation.
Currently, Deepak Nitrie is at 1919.40 Rs, If the pattern continues , the price of Deepak Nitrite might reach the 2360 Rs level . If the trend reversed, then the price of Deepak Nitrite may fall to 1720 Rs level
The falling wedge is a bullish price pattern that represents a story about the market in which bulls are preparing for another push. A falling wedge pattern is bullish, although it appears after a bearish trend.
The falling wedge pattern works as both a trend work as a trend reversal and a trend continuation pattern.
If the falling wedge appears in a downtrend, it is considered a reversal pattern.
A falling wedge is an important technical formation that signals that the correction, or consolidation, has just ended as the asset’s price left the wedge to the upside and, in most cases, the continuation of the overall trend is taking place.
In Current structure we can see that the price has been higher than the 20 MA level ,which is good sign for Bullish and also price has sustained above the support level along with good volume accumulation.
Currently, Deepak Nitrie is at 1919.40 Rs, If the pattern continues , the price of Deepak Nitrite might reach the 2360 Rs level . If the trend reversed, then the price of Deepak Nitrite may fall to 1720 Rs level
Breakout Done