June 14, 2010

nifty Raising wedge in hour chart

  • A raising wedge formation is happening in nifty.
  • A break out on the lower side may end up finding support at  5150 levels. So don't short at the time of break down. Wait for confirmation.
  • It may break on the upside as well. And that means the pattern is invalid. As raising wedge is a bearish pattern it should break on the down side.
By at

3 comments:

  1. GANESH PLJune 14, 2010 at 1:35 PM

    Hi San,

    Its looks like broken rising wedge, can i short here for positional. what will be target?..
    Thanks.

    ReplyDelete
  2. GANESH PLJune 14, 2010 at 1:39 PM

    San,
    and looks in hourly chart small negative divergence there.. is it correct one?....

    ReplyDelete
  3. SanJune 14, 2010 at 2:13 PM

    @ganesh

    Not yet May be if nifty gets resisted at 5172 you can try a short

    ReplyDelete

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