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Wedgepatterns

IOLCP - A Continuation Wedge (Bullish)A Bullish Continuation Wedge is a pattern that emerges when there's a brief pause in an ongoing upward market movement. It's characterized by the formation of two trendlines that gradually converge in a downward direction against the prevailing uptrend. Throughout this consolidation phase, there's a struggle between the bearish and bullish forces. The bears aim to reverse the upward momentum, but ultimately, it's the bulls that emerge victorious. This is evident when the price breaks above the upper trendline of the wedge. This breakout is seen as a confirmation of the resumption of the previous upward trend, indicating that the bullish momentum is likely to continue. This bullish pattern can be seen on the daily chart of IOLCP. PLEASE NOTE THAT: This chart analysis is only for reference purpose. This is not buying or selling recommendations. I am not SEBI registered. Please consult your financial advisor before taking any trade.
NSE:IOLCP
by hardeepssethi
28 Aug ’23 Post Mortem on Nifty - critical juncture 19310Nifty Analysis Contrary to the expectations, today turned out to be a boring day. The open was right at the SR level of 19310, still it was gap up as our prior close was near 19250 levels. Even then the resistance breach did not come then, we had to wait till 11.15 for a 5mts candle above the SR zone. BankNifty was looking in tremendous form today, we will discuss that separately in the analysis below. Due to this Nifty was also staying afloat, the real breach of resistance came at 12.30 only. And it looked like we may break out from the channel today. But by 14.05 it became quite clear that we will not have a break-out today. Surprisingly Nifty gave a final close below 19310 which still gives hope to bears. On the 1hr chart - things are still not clear. There is an overlap of 2 technical patterns. 1. Walling wedge 2. Bearish channel Most importantly the 19310 support/resistance stands in between. A break in support may cause Nifty to follow the bearish channel. Whereas a breach in resistance will give Nifty breakout momentum as it exits the falling wedge. I wish to go with a neutral stance for tomorrow till we get some clarity.
NSE:NIFTY
by viswaram
HDFC Life Insurance - An interesting CaseHere I am presenting an intriguing case involving HDFC Life Insurance stock⚡ On the left-hand side 👈 we have the weekly chart where two distinct zones emerged: a support zone and a resistance zone. An attempt to breach the support zone, occurring around 500, was made; however, this endeavor ultimately lacked follow through 😐 This resulted in a sudden and pronounced upward surge that propelled the stock past the resistance zone, situated around 617 🦾 On the right-hand side 👉 we have the daily chart. You can observe that the breakout of the resistance was not only successful but also promptly retested within a few trading sessions, leading to a resumption of the upward movement 🥂 Nonetheless, the stock encountered difficulties while approaching the 700 zone, culminating in the formation of a rising wedge pattern. It's worth noting that such a pattern is deemed bearish within the context of technical analysis ⚔ Subsequently, the stock experienced a retracement and has since retraced back to approximately the breakout level of 617. This specific level has previously acted as a point of resistance, thereby suggesting a likelihood of role reversal (may act as a support this time). Moreover, a closer examination of the candlestick patterns reveals that they have become narrower in proximity to the support area, indicating a potential waning of selling pressure👍 Furthermore, a falling wedge pattern, characterized as bullish, has also manifested. Should the stock's price successfully breach this wedge pattern to the upside, it may pave the way for an upward movement towards levels around 660, 700, or even 750 🚩 It's important to consider that this perspective would lose its validity should the price fails to escape the confines of the falling wedge pattern or commence trading below 600. Thank you 🙏 for taking the time to read this analysis. If you find it insightful, please express your support 🚀 and anticipate more such ideas in the future 💰 Disclaimer: This is not an investment or trading advice. Please apply your own due diligence before investing your hard-earned money.
NSE:HDFCLIFELong
by Bravetotrade
17
18 Aug ’23 Post Mortem on Nifty - 19309 support breached 🐻🐻🐻There was only 1 goal for the bears today, to close the markets below 19309. Somehow they got it done today which means we are in for a bear ride next week. Let me try to explain. We opened right at the 19309 level and then fell to 19258 levels by 10.45 in a show of strength by the bears. From there there was a reversal till 12.00 where we re-touched the 19309 SR zone. Leg 2 of fall was from 12.00 to 13.40 where we managed to re-test the 19258 levels. I was monitoring very closely to see if we will break this swing low and fall towards the 19186 levels. Instead we had a surprise rally of 111pts ~ 0.58% between 13.45 to 14.15. The news about RELIANCE-JIO shares getting listed on 21 Aug would have led to short covering. A move of +2.5% in RELIANCE is more than enough to spoil the technical analysis patterns & levels. Nifty ended up making a double bottom today at the 19258 levels and the surge of 111pts to go green would have worried many bears. I sure got rattled, I even thought a close below 19309 may not be possible. However the bears finally got their act together and ensured to push down the prices below 19309 levels. The fall below 19309 has just managed to negate a falling wedge or a descending triangle pattern. This is good for the bears as the mainline support is breached, which will open up the downside possibilities. The next goal is to take out the break-away gap that was created on 30th June. I wish to maintain my bearish stance for 21 Aug 2023, If we have a gap-up opening or a strong rally to take out the 19309 resistance - I might be forced to change the stance from bearish to neutral.
NSE:NIFTYShort
by viswaram
5
BankNifty:Tale of Triumph and Trials,Bulls or Bears-Which Side?Netflix - Scoop The riveting Netflix web series "Scoop" brought to life a powerful saying from the book **"Behind Bars in Byculla: My Days in Prison" by Jigna Vora**. The line, **"If someone says it’s raining, and another person says it’s dry, it’s not your job to quote them both. Your job is to look out of the window and find out which is true" is a fitting metaphor for our exploration of the BankNifty index.** Here, we don't just parrot what others say, we strive to unravel the truth behind the numbers and the patterns. **The story began at WaveTalks**. On the 25th of July, 2023 we published an enticing TradingView idea focusing on the BankNifty Index and outlined an **Expanded Ending Diagonal** . For the adventurous risk takers, we pointed towards potential targets: - First stop at 46155 - A second milestone at 46263 - The final leap to 46369 The narrative took a thrilling twist on the 27th of July, 2023 . The Index raced towards our 3rd target, pausing just short at 46310. Then, it took a breathtaking nosedive, shocking the bulls with a Niagara-like fall from the highs of **46310 to the lows of 45238**. **Now, traders are left wondering, "What's next?" The markets never sleep, so our story continues...** **On the larger timeframe-4 Hour Chart** We're seeing the formation of a tantalizing pattern - a potential rising wedge once again. **But here's the caveat**: **the Index needs to hold its footing at the crucial psychological level of 45525 to bounce back upwards.** **If we stand firm above 45525**, we're looking at an exciting upward trajectory: - First target at 45790 - Second target at 46300 - Third target at 46500 - **And if we cross beyond 46500**, we're aiming for a final target between **46900-47000+**, coinciding with the completion of the wedge pattern. **Here comes the thrilling climax**. **What happens after reaching a new all-time high?** Brace yourselves as we could see a rerun of the Niagara plunge from the 27th of July, 2023. From the new all-time highs of around 47000, the Index could potentially tumble to 43345, as marked by the menacing black arrow downside. **WaveTalks** wishes everyone a joyful weekend! As we delve into the narrative of BankNifty, we ask you - are you siding with the bulls or the bears? Stay tuned for more, and remember, it's not about echoing what others say, it's about understanding what's unfolding in the market.
NSE:BANKNIFTY
by WaveTalks
18
Refex Industries - 25% of Upside!Refex Industries opened up with a gap few sessions back. It has created a wedge then, a gap and then a wedge and now a breakout, Can't be strong technically anymore. The price has a potential to move to the upside of 25% straight. PS - I am founder of Tactic, we get you the Trade Ideas of top SEBI registered users across Intraday, BTST & Positional. We are trusted by 1000 users, we will be glad to have you as a user. Do check us out from my bio. Thanks
NSE:REFEXLong
by parvezdosani
3
Larsen case studyLarsen spot cmp 2480 Weekly time frame Elliot wave study Counter is trading in last leg of motive phase which might mature around current levels. v of 5 is in play, Ascending wedge pattern indicate counter is overbought as its trading above structure. RSI and MACD have bearish divergence with respect to price. Last week counter made high of 2483 levels and today it made high around 2493 levels, As per measured move wave 5 should mature around 2500 levels so till counter does not give weekly close above 2500 levels , long should be cautious.. Counter have out performed rest of the counter in this last rally of over all market. Now its time for counter to give away. Keep watch, if this study pans out counter can give good fall going ahead.
NSE:LT
by RUDRA007
1
PostMortem on BankNifty Today & Analysis of 23 JUN 2023Even in spite of the recent greenish momentum, we were all looking for a bearish breakthrough. I cannot say with 100% confidence that we are on the verge for a timely correction - but the markets are quite indicating that way. Banknifty is again scoring over Nifty50 by staying more stable and swinging lesser. Today's episode may be linked to ADANIENT, but over the past few weeks - I think Nifty50's volatility is higher than Banknifty. Mainly because the options premium & the daily price swings per strike depends on the uncertainty of the underlying. And if you are an option seller, nifty's options gave more bang for the buck compared to banknifty. --- Banknifty opened slightly gap down, filled the gap immediately and then made a downswing. The LOD was 43519 at 09.35 which was recovered pretty quickly. By 10.25 BN turned positive and maintained ground. The session from 12.45 to close made some price action which showed a sentimental level weakness - but nothing serious. In fact Nifty50 hit its LOD during the closing minutes, but not banknifty. --- Nifty50 1hr chart shows the trade that was carried out today was below the resistance zone for 18762. Yesterday's trade was concluded right at this SR level and then today's breakdown helped the momentum to play its part. Yesterday also we discussed the price action forming a 2 legged downward move --- Banknifty's 1hr chart on the other hand is showing a converging price, the top keeps falling and the bottom stays steady. A falling wedge is a bullish indicator - but at present I dont see signs of outright bullishness.
NSE:BANKNIFTY
by viswaram
If U want to trade right see leftIt is often said - "History does not repeat, it rhymes" Price is making a rising wedge pattern similar to the earlier one (on the left side). It has also reached the previous resistance. Q - > Will the next move be similar ? A - > Not sure right now, but indications of being extra cautious are popping up as the days go by Indications - 1. The steepness of the rising trendline support - such steep trendlines do not hold for a longer time and normally the support give away 2. Price has developed Bearish divergence with the momentum indicator right at the resistance level So, at least as a trader we need to keep ourselves close to the exit door. Happy Trading !
NSE:ICICIBANK
by riskOmeter
2
Bajaj finance chart studyBajaj finance spot cmp 6186. 240 mins time frame. Price action study Descending wedge pattern formation. Counter is trading around supply zone as per descending trend line. RSI is at historical levels, where counter makes peak and reverse. Bearish reversal confirmation by candle. Counter might take pause in this bullish trend or can also retrace deeper if the recent high is not cleared on closing basis. So its alert for bulls to be at door step, as bears may take entry. view remains valid till the high is not taken out on closing basis
NSE:BAJFINANCE
by RUDRA007
USDJPY drops within falling wedgeUSDJPY struggles to defend the first positive week in five, grinding lower inside a falling wedge bullish chart formation. It should be noted that the bullish MACD signals and upward-sloping RSI (14) line, not overbought, keep buyers hopeful despite the latest weakness of the Yen pair. However, a sustained break of the 50-SMA hurdle surrounding 131.85 becomes necessary for the Yen pair buyers to retake control. Following that, the 200-SMA and the monthly high, respectively near 134.00 and 137.95, could probe the quote’s advances during the run-up to achieve the theoretical target of around 139.85. On the flip side, an ascending support line from mid-January, near 130.60 at the latest, restricts the short-term USDJPY downside, if the Yen pair defies the latest bullish breakout by dropping back below the 131.40 resistance-turned-support. In a case where the pair remains weak past 130.60, the 130.00 round figure and the latest swing low around 129.70 may entertain sellers before challenging them by the stated wedge’s lower line, close to 129.20. It should be noted that the quote’s weakness past 129.20 makes it vulnerable to declining toward the yearly low of 127.21, marked in January. Overall, USDJPY consolidates the monthly losses and is likely to regain the buyer’s confidence in the next month.
by MTradingGlobal