Nifty consolidation Prepration of Fall?
Updated
as we have discussed in our last posts, NIFTY is consolidating in the assending trangle or Rising wedge. which is a netrual pattern. by looking at the formation of the pattern it seems the prepration of the upcoming pull back to downside.
Reasons:
Verdict:
Consolidation in the rising wedge.
Plan of action:
Sell 20200 CE and SELL 19950 PE
Reasons:
- Option chain PCR: 1.22 (Bullish)
- Consolidating in the assending trangle or Rising wedgewhich is netrual pattern might break to upside and also to downside. As this consolidation is after a long Bullish moment. there is higher probablity is will take a pull. back to downside.
- RSI is in the bullish range.
- VWAP >> Price
Verdict:
Consolidation in the rising wedge.
Plan of action:
Sell 20200 CE and SELL 19950 PE
Note
NIFTY is moving in Rising Wedge break to the downside will give nice fall to downside.
Related publications
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.