nifty near all time high but ...

Jun 17, 2023nifty cmp 18226
yesterday made 18864.70
previous all time high 18887.60
what next ?

technical setup :
rising wedge pattern
stochastic rsi at 100 weekly
highly overbought index
perfect rising wedge pattern in weekly setup with price near trend line resistance .
weekly stochastic rsi at 100 is indicating highly overbought indication too
its good setup to sell with minimum stop loss above trend line close
targets given are bold but as per pattern trade with minimal stop loss & to contra trade against over bullish sentiments , this technical can deliver
happy trading

trade set up :
weekly
sell in zone 18880 to 18920
keeping 19050 as closing basis stop loss
positional
sell in zone 1880 to 18950
keeping 19235 as closing basis stop loss
targets : 18535 / 18305 / 18045 / 17863 / 17553

Jun 17, 2023

Comment

positional trade sell zone 18880 to 18950
there is typo error mentioned 1880

Jun 18, 2023

Comment

rising wedge pattern :

📌This pattern forms when both resistance and support trend lines moves in ascending pattern as sketched in charts in a bull trend of the index or stock .
📌price pattern will deliver higher highs & higher lows .
📌converge near apex point and trend to breakdown below trend line support to deliver faster downside targets .
keep stop loss as mentioned in trade setup.
📌Mostly price action happens near trendline resistance & downtrend happens with out reaching the apex zone of wedge

Jun 19, 2023

Comment

Active

Jun 20, 2023

Comment

two typo error there in post
cmp price 18226 mentioned instead of 18826
sell zone in positional 1880 mentioned instead of 18880
apologies

Jun 24, 2023

Comment

18647.10 low