Rising wedges & Bearish Divergence Visible in BankNifty Index
Banknifty is forming rising wedges and bearish divergence on a monthly chart.
Bearish divergence: price forming a higher high and indicator forming a lower high at the resistance level.
This combination can be very aggressive and can push the market down at a very fast pace.
The Initial gap between the trendline is 51.8% in 3 months.
If this breakdown happens, we may see a similar downmove in the next 3 months.
Levels are marked on the chart.
#DYDD
Bearish divergence: price forming a higher high and indicator forming a lower high at the resistance level.
This combination can be very aggressive and can push the market down at a very fast pace.
The Initial gap between the trendline is 51.8% in 3 months.
If this breakdown happens, we may see a similar downmove in the next 3 months.
Levels are marked on the chart.
#DYDD