The Structure looks good to us, waiting for this instrument to correct and then give us these opportunities as shown on this instrument (Price Chart).
Note: its my view only and its for educational purpose only. only who has got knowledge about this strategy, will understand what to be done on this setup. its purely based on my technical analysis only...
Weekly closing above trendline support with bullish RSI divergence shows bullish bias.
Potential broadening wedge pattern is more likely to form as highlighted if it sustains above trendline support on weekly timeframe.
If this plays out as expected, then the max upside should be around 7250 level (top of the wedge pattern).
Everyone is having a bearish outlook...
The Above Chart is of Metal Index. Metal Index is looking the strongest amongst all the indices in the Nifty right now. Big resistance zone is 6301 and 6360 range. Currently CNZ Metals is at 6276.35. The chart is very similar to Cup and Handle breakout. Although it is not an exactly semicircular cup and handle but the results can be similar. One candle above 6360...
