Nifty - Megaphone Pattern / Broadening Formation
A broadening formation is a price pattern characterized by increasing price volatility and diagrammed as two diverging trend lines, one rising and one falling. Since we have been facing some volatility lately, the pattern seems to be developing. Also, the price is now trading below July month open, which puts the net longs above 15755 in the loss. This means that there will be a good fight between 15650-15750 levels.
The lowest level which I am seeing is 15450. If the price closes below that on daily, I'll start unwinding my longs.
Disclaimer: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.
The lowest level which I am seeing is 15450. If the price closes below that on daily, I'll start unwinding my longs.
Disclaimer: This is NOT investment advice. This chart is meant for learning purposes only. Invest your capital at your own risk.
Rajat Kumar Singh,
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Telegram: t.me/johntradingwick
✅ Blog: tradingwick.in/
✅ Rounding Top pattern: tradingwick.in/chart-patterns/rounding-top
B.Tech (Delhi Technological University)
Global Community Manager, TradingView
✅ Telegram: t.me/johntradingwick
✅ Blog: tradingwick.in/
✅ Rounding Top pattern: tradingwick.in/chart-patterns/rounding-top
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