Hello friends as we can see that price is trading in a Rising wedge channel with taking resistance from the top trendline and support from the bottom trendline and it clear that price is in uptrend continuation with higher highs and higher lows on 2 hour time frame chart although the daily time frame chart is almost same to this chart but I take smaller time frame for quick actions so what are the coming probabilities according to this chart explaining below.
1-So as you can see it breached a strong horizontal resistance inside the channel and closed above with bullish strength so we can see that this momentum will lead to 18650 to 18700 levels and price will take resistance again from the top trendline.
2-18450 to 18400 looking a good support which earlier acted a resistance so if these levels will breach we can see a downward momentum to 18350 to 18300 levels and price will take a support again from bottom trendline.
3-Fresh breakout we can see only after the breakout of top or bottom trendline for further targets.
Price Bands according to this idea-
Upper price band- 18650 To 18700
Lower price band- 18350 To 18300
Open interest Data indicates most active call writing seems on 18700 followed by 19000 and the most active call writing seems on 18400 followed by 18200 levels.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Regards-: Amit (AR)
1-So as you can see it breached a strong horizontal resistance inside the channel and closed above with bullish strength so we can see that this momentum will lead to 18650 to 18700 levels and price will take resistance again from the top trendline.
2-18450 to 18400 looking a good support which earlier acted a resistance so if these levels will breach we can see a downward momentum to 18350 to 18300 levels and price will take a support again from bottom trendline.
3-Fresh breakout we can see only after the breakout of top or bottom trendline for further targets.
Price Bands according to this idea-
Upper price band- 18650 To 18700
Lower price band- 18350 To 18300
Open interest Data indicates most active call writing seems on 18700 followed by 19000 and the most active call writing seems on 18400 followed by 18200 levels.
KINDLY NOTE-: This is not and trade or investment advice. This idea is meant for learning. Invest your capital at your own risk.
Regards-: Amit (AR)
Comment:
TODAY REACHED TO MENTIONED UPPER BAND OF 18650 TODAY'S HIGH WAS 16841 NEAR TOP RESISTANCE TRENDLINE
Comment:
STILL MENTIONED PRICE LEVELS NOT BROKEN, TAKING RESISTANCE FROM TOP TRENDLINE
Comment:
TODAY BREACHED MENTIONED UPPER BAND PRICE AND CLSOED ABOVE, STILL TRADING UNDER THE TREDNLINE.
