Trend
is weak, Feed excited bids!!
Date: 18th Feb 2013
Date: 18th Feb 2013
Have a look at P&F charts of Nifty with absolute box size
of 10 (Figure 1 and 2). I had to analyse 0.25% high low chart (Figure 3) also
to examine bit longer term pattern.
Nifty is trading at Anchor Point support levels of various
charts. Price pattern has confirmed the inherent downtrend and several
downtrend count is recently been activated.
Horizontal price pattern is also confirming the toppish
pattern that has been formed. Bull ratio of 10 box horizontal pattern is 50%.
This means that pattern has become flat and recent aggressive column of O has
established the downtrend.
Nifty trend has become weak and we will see resistances at
higher levels. Levels between 5830 - 5810 should act as a strong support for a
while but testing them will also assure weakness in future. Strong resistance
is around 5930 – 40 levels. Picture would turn quiet green if resistance is
breached without testing recent support levels.
Figure 1: Nifty 10 x 3 cl Point
and Figure Chart
Figure 2: Nifty 10 x 3 hl Point
and Figure Chart
- - Prashant
Shah
Disclaimer:
All information provided above is for general information purposes only and does not constitute any investment advice. Company or Author shall not be liable for loss or damage that may arise from use of information provided above. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed are current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Investors should not solely rely on the information contained in this document and must make investment decisions based on their own investment objectives, risk profile and financial position. The readers of this material should take their own professional advice before acting on this information.
All information provided above is for general information purposes only and does not constitute any investment advice. Company or Author shall not be liable for loss or damage that may arise from use of information provided above. The report is purely for information purposes and does not construe to be investment recommendation/advice or an offer or solicitation of an offer to buy/sell any securities. The opinions expressed are current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Investors should not solely rely on the information contained in this document and must make investment decisions based on their own investment objectives, risk profile and financial position. The readers of this material should take their own professional advice before acting on this information.
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