Rising wedge formation in NIFTYPHARMA

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NIFTYPHARMA index is forming the rising wedge formation on the daily chart. Rising wedge is a reversal pattern and is usually followed by a bearish price movement in the short term. This, along with the fact that a lot of pharma stocks are exhibiting similar bullish reversal patterns is a warning sign for pharma bulls. Best to refrain from entering fresh long positions in pharma stocks for a while.