Nifty consolidation Prepration of Fall?

as we have discussed in our last posts, NIFTY is consolidating in the assending trangle or Rising wedge. which is a netrual pattern. by looking at the formation of the pattern it seems the prepration of the upcoming pull back to downside.

Reasons:

1. Option chain PCR: 1.22 (Bullish)
   
2. Consolidating in the assending trangle or Rising wedgewhich is netrual pattern might break to upside and also to downside. As this consolidation is after a long Bullish moment. there is higher probablity is will take a pull. back to downside.
   
3. RSI is in the bullish range.
   
4. VWAP >> Price
   

Verdict:
Consolidation in the rising wedge.

Plan of action:
Sell 20200 CE and SELL 19950 PE

Kommentera:

NIFTY is moving in Rising Wedge break to the downside will give nice fall to downside.