NSE Cummins’ Rising Wedge Breakdown Alert
Timeframe: Daily
As of March 16th, 2023, NSE Cummins has formed a falling wedge pattern over a period of 23 weeks. A rising wedge pattern is a chart pattern characterized by a contracting price range between two converging trend lines. In this case, the price range has been contracting after making higher highs and higher lows successively.
The stock price has declined near the upper trend line and is currently trading outside the lower band of the parallel channel. Traders may consider a bearish position if the price sustains below the key support level of 1644 with potential targets at 1604 – 1573 – 1549+.
Once the key support level of 1549 is broken, the price is anticipated to approach the fourth point of the rising wedge pattern. A further bearish sentiment may be observed after the breakdown of point 4. Traders must confirm the movement on a closing basis.
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