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

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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.