The major index of Indian Stock market is forming a bearish wedge pattern.
In this chart layout, you can see that the red trend lines indicates support whereas green trend line indicates resistance. For the last 5 months the candles have been moving within this trend lines. Price Rejections has been marked with arrows.
The price and indicator chart has also formed bearish divergences, which is depicted by Higher high on the price and lower high on the indicator.
In the coming time, if the support is broken and retested then we can see a BIG/GOOD/MAJOR correction in price within a span of 1 month.
If you find it useful please share it with others and trade wisely.
In this chart layout, you can see that the red trend lines indicates support whereas green trend line indicates resistance. For the last 5 months the candles have been moving within this trend lines. Price Rejections has been marked with arrows.
The price and indicator chart has also formed bearish divergences, which is depicted by Higher high on the price and lower high on the indicator.
In the coming time, if the support is broken and retested then we can see a BIG/GOOD/MAJOR correction in price within a span of 1 month.
If you find it useful please share it with others and trade wisely.
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Support trend line was broken and the downside move is sustaining as of now.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.