Chart analysis:- UPL
Broadening wedge pattern
This pattern may look bullish, but it has hidden bearish signs:-
1. Buyers' exhausting action. Failing to make new highs and breaking out of the last highs.
2. RSI is showing divergence. Price rising, but RSI is falling.
3. Long wicks on top showing selling pressure.
In such a case, we can see a pullback to the lower side of the wedge.
On the other hand, if it breaks out of 670, it will test the upper side of the wedge at around the 680- 685sh zone.
Buy only if the price breakout is accompanied by a volume candle and RSI breaking the level of 65+
This chart is to analyse the possible trade setup on either side of the breakout of the wedge pattern.
Broadening wedge pattern
This pattern may look bullish, but it has hidden bearish signs:-
1. Buyers' exhausting action. Failing to make new highs and breaking out of the last highs.
2. RSI is showing divergence. Price rising, but RSI is falling.
3. Long wicks on top showing selling pressure.
In such a case, we can see a pullback to the lower side of the wedge.
On the other hand, if it breaks out of 670, it will test the upper side of the wedge at around the 680- 685sh zone.
Buy only if the price breakout is accompanied by a volume candle and RSI breaking the level of 65+
This chart is to analyse the possible trade setup on either side of the breakout of the wedge pattern.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.