#Nifty #fallingwedge on hourly chartsNifty on hourly timeframe is showing a falling wedge formation with double bottom placed at the bottom of the falling wedge channel and also a very important support placed around 16800-16850 support zone band.
20 DEMA is placed around 17400 currently and as that acts a magnet, it can't be ruled out that price is going to a move around that.
This zone is also currently coinciding with the around 50 to 61.8% pullback zone of fall from 17800 to 16830 levels.
Price is also showing a consolidation in around 250 to 280 points range and a breakout above it would also suggest hourly double bottom range breakout, the range targets are also coinciding with similar target zone as visible from the above two observations.
So, possibility of 17350+ can't be ruled out in short term in Nifty and further assessment of price action can be done from there on.
Happy Trading :)
