Nifty: Ascending Triangle within a Rising Channel

24 de out. de 2020

This is the 75min chart of Nifty Futures wherein I have spotted two interesting developments. One, the index is trading within a well-defined rising channel with prices now hovering at the lower border of this channel support. Two, the index has also created a well-defined Ascending Triangle with valid resistances at the psychological 12K mark.

Considering there has been a series of small-bodied candles recently, we should be prepared for a breakout anytime soon next week. Never under-estimate the underlying trend, and considering it is UP and resilient, we should look out for an upside breakout. Best case scenario of such a move means a tentative test of the higher border of this channel which beautifully coincides with the height of the triangle at 12,400.

Trade Well. Trade Wise.