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Wedgepatterns

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
Nifty Wave and wedgeNifty seems to form a 5-3-5 irregular wedge. Sorry for the cluttered chart, but the white waves are corrective and the yellow ones impulsive. We seem to be in wave 4 of the last corrective wave with 18000-18200 levels on cards before we fall further downside. SGX too, interestingly seems to be on a similar trajectory. Another interesting aspect is that the year has seen nifty form a downward wedge pattern. A wedge pattern in many cases is a trend pause, but the breakout side is crucial. Now, over the past few weeks, another mini downward wedge seems to be forming. After the current bull run, if the wedge trend line is respected, we could see a fall to 16400-16800 levels. A break upside in the next few days would mean a breakout, but it could be unlikely considering the impending rate hikes due. With global rate hikes, inflation and a possible recession, the downward movement seems likely. Three possible routes for nifty could be a breakout now which could lead it upto 20000-21000 which is unlikely. If not, it could test the 16400-800 area of the mini wedge formed and then do a bull run depending on how inflation and rate hikes easen on account of macroeconomic policies. If that is broken, then the downside of the bigger wedge could be 13300-14500. This would mean a crash. In 2008 and during covid, nifty corrected more than 50 percent. So, ideally, this correction isn't even that huge if it comes. All of this depends on global economic conditions over the next year. I could be wrong in all my views and we could see nifty behave in a totally different way, but this is my view. Traders can mark the upside of the wedge and wait to see if it is respected and we fall back down or if we breakout to go for their own setups.
NSE:NIFTYShort
by sufficientDog30325
SHORT AU BANK for target of probable 400Couple of things seen on Charts. Rising Wedge pattern on weekly and monthly charts. Also a failed breakout on daily charts. Bearish divergence seen on weekly charts. Indicating sell at higher level. Be careful with this stock. Also same is seen with other Ultratech. Shorting is risky option so wait for a solid confirmation to enter the stock is not resistant to interest rates hikes. If rising wedge is followed then target of 400 can be seen. trade with strict Stop loss on weekly closing basis. Or just stay away.
NSE:AUBANKShort
by Sandeepk31
GBPUSD portrays falling wedge at multi-month lowGBPUSD prints a falling wedge bullish chart pattern amid all the pessimism surrounding the UK economy and the hawkish Fed, not to forget the US dollar’s run-up. The recovery moves, however, need validation from the 1.1810 hurdle, as well as the 50-SMA resistance surrounding 1.1840. Following that, a three-week-long horizontal resistance near 1.2010 could test the bulls before directing them to the monthly high, currently around 1.2295. Meanwhile, pullback moves could retest the lower line of the stated falling wedge, close to 1.1640, while refreshing the multi-month low. Following that, the 1.1600 and the 1.1500 round figure may entertain the GBPUSD bears before highlighting the year 2020 bottom close to 1.1410. That said, the cable pair’s south-run past 1.1410 will make it vulnerable to drop towards the 1.1000 psychological magnet. Overall, GBPUSD bears seem running out of fuel but the recovery needs a strong push to convince buyers.
by MTradingGlobal