Sunday, June 6, 2010

Nifty : Rising Wedge

Nifty has formed a rising wedge on hourly chart, so if 5040 is taken out with volumes nifty could target 4900 and then 4800.

7 comments:

  1. This comment has been removed by a blog administrator.

    ReplyDelete
  2. Renu,
    What should be the stop loss as it has broken the wedge with volumes?

    ReplyDelete
  3. Hi manoj,

    It is normal in case of rising wedge for price to test the lower trendline but in case it closes above the trendline one should exit shorts ,at 3:00 pm the trendline stands at 5076 and is increasing 10 points every hour.Also in case it spend lot of time in sideways move then also it is better to exit shorts as this sideways move decrease the quality of pattern.
    hope this helps

    ReplyDelete
  4. hi.. just dropping by here... have a nice day! http://kantahanan.blogspot.com/

    ReplyDelete
  5. hello renu..
    " could target 4900 and then 4800" ....do u think we hold 4900 head for 5250 and then reacch 4800...or do u think we will go to 4800..plz clarify..

    ReplyDelete
  6. Hi wormwood,

    i meant nifty could see a bounce from 4900 levels but if 4900 is taken out nifty could fall to 4800.

    ReplyDelete
  7. renu thanks for the reply...i think we can test the recent high...where do u see the bounce upto...

    ReplyDelete