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Wedge

#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 :)
NSE:NIFTYLong
by aktradelearning
21
MGL Rising wedgeMGL has given a good breakout above 930 two weeks back, however post breakout follow through is missing and price has started showing weakness due to absence of any follow through, and is facing resistance in 50 to 61.8% fibo pullback zone from June 21 high to June 22 low. Chart is also showing a rising wedge formation on weekly timeframe, and current weekly candle has closed below the doji of previous week's low which is also a sign of bears taking control of this after the breakout. If the price start sustaining below and even breaks down support trendline then it can even correct upto 850 and below levels.
NSE:MGLShort
by aktradelearning
DXY - FOMC Ahead - What To ExpectTVC:DXY is approaching a key daily structure support Levels of 103.4 to 103.8, is the zone to focus on Depending on the reaction of the market to FOMC meeting, one can anticipate 2 potential scenarios to emerge - 1) If price breaks the resistance of a falling wedge pattern on DTF, a bullish move can be expected 2) If price breaks the support of a falling wedge pattern and closes below the green support zone marked, a bearish move can be expected Everything NOW DEPENDS on the FOMC meeting. My bet is DXY will consolidate here for a while and then rise again for a while before breaking downside since its also make a H&S pattern on weekly timeframe. Let's see how the story develops. Best wishes! Disclaimer - - The opinions expressed here are my own. This is for my own records as well as what I see on charts. - If you are referring to this, please keep in mind that it is only for educational and research purposes. - Past performance is no guarantee of future results. - You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION. - It's your hard-earned cash. Trade / Invest wisely, keeping in mind your trading style, goals and objectives, time horizon, and risk tolerance. - Before investing, conduct your own research and consult with a financial advisor. TIA!
TVC:DXYLong
by nerdywasabi
ITC - Looking Weak & Rising Wedge Breakdown PossibleNSE:ITC is looking weak on daily and weekly charts. ADX just crossed 25 ( threshold that I consider ) for directional movement. The downside momentum can continue for targets mentioned on the chart as T1, T2 and T3. The conviction comes from simple price action setup ( weekly doji close and the current week candle closed below doji close ) and open interest data Positional weekly target also listed if we close below T3 decisively. Let's see how the story develops. Best wishes! Disclaimer - - The opinions expressed here are my own. This is for my own records as well as what I see on charts. - If you are referring to this, please keep in mind that it is only for educational and research purposes. - Past performance is no guarantee of future results. - You must accept responsibility for any decision you make. DO NOT TAKE THIS AS AN INVESTMENT RECOMMENDATION. - It's your hard-earned cash. Trade / Invest wisely, keeping in mind your trading style, goals and objectives, time horizon, and risk tolerance. - Before investing, conduct your own research and consult with a financial advisor. TIA!
NSE:ITCShort
by nerdywasabi
Banknifty Analayis Banknifty after a extreme bullish view posted way back (link in related idea section) has achieved most of the upside targets. The current weekly candle is not looking promising which has also formed on the top line of pitchfork which I had drawn long back, On weekly charts it has made a rising wedge kind of pattern and it has also not retested the previous ATH breakout as such (41800). This level is also around 38% fibo retracement of current swing from Sept low to latest high. Some cool off in BN may be worth here ....
NSE:BANKNIFTYShort
by aktradelearning
1
Summer is Coming : Voltas Ltd NSE:VOLTAS Voltas Positional Pick Technical:- Voltas ltd has given some fake moves after the breakout of the falling wedge but it is not able to hold the shorts and bounced back above the pattern. On 10th Feb it has given a strong range breakout with strong volumes, we are planning to take entry upon breakout Retest so it can add more confluence. (entry in zone 830 -835) the stop loss shall be below the breakout candles low on the daily timeframe (795). the target levels are mentioned on the chart. Fundamental:- Voltas ltd is a manufacturer of electric appliances mainly cooling systems and it has made a good position in the market by providing high-quality products, and the summer is already on its way so many new cooling systems will be installed in offices, homes, etc will boost Voltas Stock in the coming months. this is only for educational purposes only. Always trade with stop-loss. I Hope you found this helpful. Please like and comment. Keep Learning, Happy Trading!
NSE:VOLTASLong
by SANJAYPATIDAR_
2