Are we heading towards 55XX ?

Today NIFTY moved exactly as per our opening bell. It sold out below 6080 to hit second target at 6045 then long from 6040 also did 20 points. 

Now what next in NIFTY?

To analyse this we need to take some simple things in our consideration.

A] A closer look at the daily chart indicates -

i) NIFTY has lost its pace of movement in upper side and it is selling out at high although we are able to see new highs every alternate day.

ii) NIFTY has broken out of developing rising wedge only to fall at upper boundary of it.

iii) NIFTY is at the climax of the rising wedge with developing negative divergence.

B]  A closer look at the weekly chart indicates -

i) NIFTY is rising with RSI falling. A negative weekly close will confirm negative divergence in weekly chart also.

ii) CCI, MACD, STOCHASTIC all are at overbought territory for quite some time.

iii) It appears from weekly chart that NIFTY is forming BEARISH BAT chart pattern.

C] A closer look at 30 min chart indicates that NIFTY is oversold and it may correct today's fall.

In a nutshell, NIFTY is near to its current high (if not made today itself) and a decent fall is awaiting until 6150 is taken out COMFORTABLY (weekly closing).

Happy Trading