In above weekly chart one can see the channel and rising wedge pattern.
Last week Banknifty took the support near the weekly JBNSAR level @12390 and had resisted near the top of Rising wedge pattern and our weekly Agni level of 12815.
Weekly MACD still in bullish tone and stochastic too overbought and in bullish territory. One should be cautious on higher levels.
For next week wedge top resistance comes around 12850-12870 zone whereas on downside wedge support comes around 12150 and 78.6% retracement level of 13303 to 7766 comes around 12115.
When Rising Wedge pattern is found in an uptrend, it is considered a reversal pattern only when it breaks the wedge on either side otherwise it may continue its uptrend within the wedge...
To read more on 'Rising Wedge Pattern' click the given link :
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