Rising Wedge Pattern

Identification:
Both trendlines are sloping upwards, forming higher highs and higher lows.

The range is narrowing, with price moving within a converging upward channel.

This is typically considered a bearish reversal pattern, especially when it forms after an uptrend (as in this chart).

🔹 Implications:
If the price breaks down through the lower trendline, it may signal a short opportunity.

After a breakdown, the price target is usually equal to the height of the wedge (from the widest point).

Breakdown confirmation should ideally come with high volume.

🔹 Key Levels (from the chart):
Resistance zone: Around 24,489 – 24,831

Immediate support: Around 24,372 (horizontal)

Major support zone: Around 23,224 – 23,216

🔹 Possible Trade Setup (if breakdown happens):
Sell below: The lower wedge trendline (after candle closes below it)

Target levels: First target ~24,000, second target ~23,200

Stop loss: Just above the recent swing high or upper wedge line
only for educational purpos