praveen.bhatiya

Nifty Daily View Ascending Triangle Formation

NSE:NIFTY   Nifty 50 Index
Market is still moving in a small range since 15.05.18. It has formed Ascending Triangle and currently trading at the upper line. Following trading setup are possible in this situation
1. It gives Breakout from the pattern and one go long for the target of triangle pattern .
2. Price reverses at Confluence of Pitchfork & Median Line . PF is catching the price movement nicely & Bollinger Band on RSI is suggesting that it is at the highest so we should also keep this in mind.
3. Any False Breakout from the triangle and immediate price rejection would be the most reliable trade setup with defined structured SL in this scenario.
Let's do the homework and wait for the good setup to trade. Wishing all profitable trading.
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
Jul 11
Trade active: Shorted Fut @ 10940 SL 11012 targeting 10805.
Jul 12
Trade closed: stop reached
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