Nifty Rising Wedge - June Series
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Right now, Nifty is continuously breaking its all time high's. But its in the edge of rising edge pattern.
The Rising wedge will most likely to push the market downward for some correction. Also the RSI is in overbought levels. Correction can start to happen anytime. Wait for the RSI breakdown for short for a target of 15200 & 15000. 15000 will act as a Strong support and it will start to reverse from there.
Long can also happen, but the targets will not be attractive. This over bought RSI will bring the small correction wave 15800 will act as strong resistance and one can execute fresh short at these levels.
Kindly share your valuable thoughts.
Disclaimer: Kindly do your analysis or consult your advisor before taking any trade. This view is for educational purposes only.
The Rising wedge will most likely to push the market downward for some correction. Also the RSI is in overbought levels. Correction can start to happen anytime. Wait for the RSI breakdown for short for a target of 15200 & 15000. 15000 will act as a Strong support and it will start to reverse from there.
Long can also happen, but the targets will not be attractive. This over bought RSI will bring the small correction wave 15800 will act as strong resistance and one can execute fresh short at these levels.
Kindly share your valuable thoughts.
Disclaimer: Kindly do your analysis or consult your advisor before taking any trade. This view is for educational purposes only.
Nota
Stuck in the Strong resistance zone. Wait for the breakout.
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