Vijaya Bank was the one of those banking pack which was left outta the rally. This scrip is now show a rise of around 30% increase in the past 3 months.If the price falls below 103, the downward trend would be confirmed. So the SL should be 103 and profits should be booked at this level.
Does'nt it mean that when the lines which you made on the chart are converging, it may move eitherways- up or down?
ReplyDeleteThe formation of wedge is indicated by the narrowing down of the trading range. The narrowing down means a pressure of the current trend. Thus, a Rising Wedge in this case means pressure on the upside movement of the stock. Thus, this pattern is supposed to have a bearish bias. Wedges are some what similar to symmetrical triangles, the only difference being they have a bearish/bullish bias.
ReplyDeleteSo, a rising wedge indicates a breakout from the trading range , and statistically 69% of the breakout would be on the downside.