Help interpretting this chart

#1
Hello friends,

I am a beginner trader and i wanted to know if you could help me understand this chart i made in chartnexus. It is a chart of the BSE Sensex recently, and has a converging set of lines.
I understand this is a regular pattern, but i dont know what to make out of it.

Thank you
 

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#3
This chart pattern is called a 'rising wedge' which is a bearish pattern from which a downward break can be expected. Sometimes, an upward break out happens followed by a sharp break downwards. That is a 'bull trap'.

Technical analysis is not a science and is based on similar past patterns. Patterns often repeat, but some times they don't. Look at transaction volumes to understand the type of breakout. Low volume on an upward breakout is an alarm signal.
 

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