Nifty P&F analysis: Higher counts active, 7900 support!!

Higher counts active, 7900 support!!

Date: 1^st Sept 2014

Nifty last closing price: 7954.35

Daily chart

Figure 1 is 10 box value chart plotted with daily closing prices. Column of ‘X’ continued during last week. Count in the current column is 38 so far which means that price has gone up by 380 points without marking negative close of more than 30 points. Will it reverse from here? Medium and long term traders shouldn’t bother about such things. Short term traders can refer lower time frame charts.

Hourly Chart

Figure 2 is 10 box value chart plotted with hourly high-low prices. We have seen two bear traps around same level in this chart. Anchor point of this setup is at 7890 – 7900 levels that should act as a support zone going forward and first indication of reversal on higher time frame charts. Trend is up at the moment and ticks above 7970 will activate further upside counts.

1 Min Chart

Figure 3 is 5 box value chart plotted with closing prices of every minute. Price is trading above bullish line and higher counts are still active in this chart. Recent Mini –bottom is placed at 7920 levels which is near Anchor point of hourly charts. Ticks above 7970 will confirm previous higher counts and activate more column counts.

Trend remains up for all time frame traders. Higher counts till 8200 are active on the charts. 7910 – 7890 is the support zone for short term traders. Sell signal below the same would be first indication of column reversal on daily charts. Any fresh ‘X’ above 7760 is a pullback opportunity for medium term traders.

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

Figure 2: Nifty 60 min 10 x 3 HL Point and Figure Chart

Figure 3: Nifty 1 min 5 x 3 cl Point and Figure Chart

  

 -  Prashant Shah, CMT, CFTe

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 readers of this material should take their own professional advice before acting on this information. 

Nifty P&F analysis - 'X' controlling all time frames

'X' controlling all time frames

Date: 24th Aug 2014

Nifty last closing price: 7913.20

Daily chart

Chart 1 is 10 box value chart plotted with daily closing prices. Price never came below bullish line in this chart after a breakout in Feb 2014. I mentioned about setup near trendline in last write up. We have got bear trap bullish pattern that has formed higher mini-bottom. Higher counts are activated and open. High pole reversal level is at 7745 at current box.

Hourly Chart

Chart 2 is 10 box value chart plotted with hourly high-low prices.  Anchor Point that we have been discussing has worked wonderfully and actually in a bookish manner. Price bounced from that point and made new high. Non achievement of bearish count was another evidence of reversal. It has formed mini bottom at 7860.

1 Min Chart

Chart 3 is 5 box value chart plotted with closing prices of every minute. Negation of bearish pattern that I mentioned in the last post worked nicely. That was the first confirmation of a trend reversal and indicated a support taken at anchor point of higher time frame (hourly chart). Rally generated higher counts that stand closed (achieved) now. 8055 will be activated if price trades above 7930.

Breadth & Volume Charts

Figure 4 is P&F chart of 10 day average of Advance Ratio. 35 – 50 band works well in this chart and patterns above or below this band give indications. Current setup is bullish and Advances turned up from lower band earlier this month. Figure 5 and 6 are 0.15% chart of Nifty OBV and Accumulation Distribution line respectively. Both charts are bullish and show the volume pattern that support prices.

There is uptrend in all time frames and ticks above 7930 will activate more counts. Bearish signal on lower time frames below 7860 will change the trend for short term traders. Any bullish setup above 7745 is an opportunity to trade long for medium term traders.

Figure 1: Nifty daily 10 x 3 CL Point and Figure Chart Figure 1: Nifty daily 10 x 3 CL Point and Figure Chart Figure 2: Nifty 60 min 10 x 3 HL Point and Figure Chart Figure 3: Nifty 1 min 5 x 3 cl Point and Figure Chart Figure 4: NSE – 10 d SMA of Advance Ratio 1% x 3 P&F Chart Figure 5: Nifty OBV 0.15% x 3 P&F Chart Figure 6: Nifty Accumulation Distribution line 0.15% x 3 P&F Chart

 -  Prashant Shah, CMT, CFTe

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 readers of this material should take their own professional advice before acting on this information.

Nifty P&F analysis

Nifty P&F analysis

Date: 11th Aug 2014

Nifty last closing price: 7568.55

Chart 1 is 10 box value chart plotted with daily closing prices. Price remains above bullish line but bearish patterns have activated downside counts. It is more of a sideways and column consolidation pattern and price pattern near trend line would be interesting setup.

Chart 3 is 10 box value chart plotted with hourly high-low prices. Count of 7570 discussed during last write up has been achieved by the price. It also falls near Anchor Point level of the entire pattern and some support is expected around these levels but that needs to be confirmed by the price. A count of 7450 is opened up in this chart as well.

Chart 4 is 5 box value chart plotted with closing prices of every minute. Price is trading below bearish line. Negation of the Triple bottom sell pattern would be the first indication of price taking support near Anchor Point.

 

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

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

Figure 3: Nifty 60 min 10 x 3 HL Point and Figure Chart

Figure 4: Nifty 1 min 5 x 3 cl Point and Figure Chart

  

 -  Prashant Shah, CMT, CFTe

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 readers of this material should take their own professional advice before acting on this information.

Nifty P&F analysis

Nifty P&F analysis

Date: 4th Aug 2014

Nifty last closing price: 7602.60

Chart 1 is 10 box value chart plotted with daily closing prices. Double Bottom sell signal in this chart was certainly a trigger for a medium term trader also to exit longs. It opened the small count of 7590 that is been achieved in the immediate column. Counts above bullish lines are considered weak but immediate achievement and overall formation has changed the trend from up to sideways.  Price remains above bullish line but a 6 column bearish trap formation has been formed

Chart 2 is 10 box value chart plotted with daily high-low prices. Sell signal occurred in this chart well along with a breakout horizontal count that signals 7420. But I would like to refer lower time frame charts for further examination.

Chart 3 is 10 box value chart plotted with hourly high-low prices. Last week chart is continued. Trap and high pole occurred at previous bearish formation levels confirming the supply. Activation of count of 7570 below 7740 was discussed in the last write up. It also falls near Anchor point of entire pattern hence reversal signal near that level would be an interesting setup.

Chart 4 is 5 box value chart plotted with closing prices of every minute. The count of 7710 acted nicely and price seen a sharp bounce from those levels which also took it above bearish resistance line. But follow through was failed and price again fell below resistance line. Waiting for signal after break helps a trader in scenarios like this. It formed the mini top that opened the count of 7610 which is already been achieved. ‘O’ is dominating the right side of the chart and price trading below bearish line hence in downtrend but near some support areas if looked at left. Price pattern confirming the reversal is always better than the falling knife.

 

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

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

Figure 3: Nifty 60 min 10 x 3 HL Point and Figure Chart

Figure 4: Nifty 1 min 5 x 3 cl Point and Figure Chart

                      

 -  Prashant Shah, CMT, CFTe

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 readers of this material should take their own professional advice before acting on this information.