Fresh shorts need aggressive exit, Longs need double top buy signal!!
Date: 24^th June 2013

View of selling rallies worked quiet well. Price did not sustain at higher levels & double bottoms or formation of O must have done well to traders.

Nifty has seen lows at 5616 levels on last Friday. Figure 1 is 10 box Point and Figure chart of Nifty plotted with closing prices. There is a hint of support around here if looked at left. Figure 2 is 10 box chart plotted with High low prices that shows that price is trading below 20 column lower band. P&F is a great tool to deal with such kind of hints and evidences. Let double top occur to confirm the reversals!

Trend is down and supports are near 5600 box value. I am yet to study astrology to know if that support will be taken but fresh shorts from here should be traded with aggressive exits.

For P&F Traders, Trade double bottoms and exit at formation of Xs. Double top from here is worth taking. 

 Figure 1: Nifty 10 x 3 CL Point and Figure Chart

Figure 2: Nifty 10 x 3 HL Point and Figure Chart

-         -  Prashant Shah

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