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Wedge

Short Swing: Asian Paint vs Crude OilWe can anticipate a breakdown in the Asian paint, if there is rise in price of crudeoil. When the price of crudeoil goes up it inversely affects the prices that are dependent to it .Here is the comparison and reasoning for anticipation for breakdown : Crude may rise up significantly with time 1) Global sentiments : Negative(EU oil embargo from Russia, China covid opening up increases demand) 2)Previous High low not broken(confirming uptrend) 3) Wedge pattern formation Breakout will be create "significant" up move Asian Paints chart Analysis 1)Double top formation 2)Support zone has been tested multiple time 3) Trading below 200 MA (Note: I might have confirmation bias with trade. There is probability of me being wrong. Consult your adviser before taking any financial decision)
NSE:ASIANPAINTShort
by GauravPrasad_GP
Falling wedge on UJJIVANSFB 1W - great time to buy The Falling Wedge is a bullish pattern that begins wide at the top and contracts as prices move lower. This price action forms a cone that slopes down as the reaction highs and reaction lows converge. In contrast to symmetrical triangles, which have no definitive slope and no bias, falling wedges definitely slope down and have a bullish bias. However, this bullish bias cannot be realized until a resistance breakout occurs. My idea is to take the RSI into account which is breaking out the trend line.
NSE:UJJIVANSFBLong
by TheBoTrader
1
Falling Broadening Wedge Pattern In NIFTYOn Daily Timeframe, NIFTY trading in falling broadening wedge pattern. Currently it's trading in downtrend direction and this downside can expected upto near 15000 level or downside support level. At this location investor or short term trader can look for buying side positions on reversal confirmation. For long side investors can wait either bottom support level or breakout of upside resistance level. Disclaimer: Consider this post as an education purpose only. All mentioned levels and assumptions based on historical movements. Before taking any position don't forget to consult with your financial advisor.
NSE:NIFTY
by TradZoo
2