The pattern bounds are placed at 18850-18700 as the range gets narrower with progressing time - Tradebulls Securities
Nifty
Nifty is still holding itself well within the progressing ‘Rising Wedge’ formation. The pattern bounds are placed at 18850-18700 as the range gets narrower with progressing time. Its trend strength indicators compliment the ongoing up move to continue as its RSI isplacedwell around 67; yet to enter its overbought zone while ADX is trending well at 36. The failure of recent candlestick reversal formationisyet another sign of ongoing strength & sentiment prevailing in the markets for a fresh life high. Option cluster for the weekalsosupportsthe narrow range with key bounds at 18700 & 18800 itself. Price unfolding on either side would lead to further unwindingpressureunfolding into fresh momentum. Hence, we advise traders to retain longs with a major breakdown is evident below18605whileupsidecould extend further once beyond the 18850-19000 cluster gets breached.
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