NIFTY50 : RISING WEDGE BREAKDOWN

14 apr

NIFTY

◉Technical View
▲The up-trend started to lose its strength a few days back and formed a rising wedge price action.

▲The Rising wedge broke down from the trendline + Neckline and gave a good closing also with RSI confirming the Bearish Structure.

▲2nd confirming structure is double top, I always say location is important more than the structure and this double-top has formed at the weekly trend channel resistance line, a potential supply zone

▲The Major levels of support have been marked on the chart, kindly analyse and mark them on the chart.

◉Fundamental Event.
Yesterday Conflict escalated between IRAN & ISRIAL so Majority of global markets took hit and closed in Red.

◉This Can possibly Trigger GAP down-opening then look for Retest to short.

◉Keep Risk under control by using Protective Stops.

Keep Learning,
Happy Trading.