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Wedgepatterns

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
TECHM - IT Sector - Reversal potential - Swing/InvestmentTECHM Weekly chart - The analysis is done on weekly as well as on Daily TF hence price may take few weeks to few months in order to reach the targets. Trade setup is explained in image itself. The above analysis is purely for educational purpose. Traders must do their own study & follow risk management before entering into any trade Checkout my other ideas to understand how one can earn from stock markets with simple trade setups. Feel Free to comment below this or connect with me for any query or suggestion regarding this stock or Price Action Analysis.
NSE:TECHMLong
by TradewithAditya
GBPUSD bulls run out of steam on BOE-inspired Super ThursdayBe it a one-month-old rising wedge or the overbought RSI conditions, GBPUSD shows it all to suggest that the bull’s reign is near to end. However, a sustained trading below the 1.2330 support, comprising the lower line of the aforementioned rising wedge bearish chart pattern, becomes necessary for the seller’s entry. Even so, the 200-DMA level surrounding 1.2100 could challenge the bears. Following that, a downward trajectory towards the 1.2000 psychological magnet and then to September’s peak surrounding 1.1740 can’t be ruled out. It’s worth noting that the rising wedge confirmation signals a theoretical target of around 1.1000. Meanwhile, the upper line of the stated wedge, close to 1.2550, could act as an immediate upside hurdle to watch during the Cable pair’s further advances. In a case where the GBPUSD bulls defy the bearish chart pattern by crossing the 1.2550 hurdle, the 78.6% Fibonacci retracement level of the pair’s south-run from late March to September, near 1.2675, could lure the buyers. It’s worth noting that the mid-March low close to the 1.3000 psychological magnet and late March swing high near 1.3300 will be in focus if the quote remains firmer past 1.2675. Overall, GBPUSD is up for further downside as the BOE looms. However, a surprise hawkish outcome could allow the bulls to have a few more happy days.
by MTradingGlobal
ITC case studyAs per elliot wave theory counter is on verge to mature its motive phase, ascending wedge pattern formation have resistance zone around 355-361 levels counter have given bearish reversal on smaller time frame below 354 levels now zone of 354-360 would act as strong resistance zone for counter. bearish divergence on rsi with respect to price, use rally in counter to exit from long positions, till counter does not give 2 consecutive daily close above levels of 363 down side if corrective phase unfolds counter might retrace to levels of 320-300-290 Time to be cautious on your investments.
NSE:ITC
by RUDRA007