Descending broadening wedge of nifty

CHART-IV

• Nifty Futures getting resisted near 6042 that is the day high and price is trading near the main trend line which may also act as resistance.
• So any up move can happen only if these two levels are taken out.

CHART-III

• Break of 5972 which was the low of this week gave 5921.

CHART-II

• Nifty futures could not sustain above 6025. 
• Index tested 5972 and has taken support there But if it gets tested again this level may break and will give a new low for nifty futures.

CHART-I

• Descending broadening wedge pattern in nifty futures.
• This is a consolidation pattern that appears in a an up trend and results in a resumption of the earlier trend.
• The current up move may find resistance at the down trend line.
• Support for NF is at 5972 intraday longs will be safe above 6025. important resistance at 6144.
• TATA STEEL TECHNICAL ANALYSIS