Bounce
or Bottom? Here to stay some!!
Nifty last closing price: 8159.30
Daily chart
Figure 1 is 10
box value chart plotted with daily closing prices. Double bottom sell signal
after Relative high helped to ask longs to exit as discussed in the last
write up. Such long streak of Os can
shake bulls. Trend is still above bullish trend line hence still up on daily
time frames. Positional traders need to wait for fresh setup. Either
continuation sell signal or Mini bottom from here.
1 Min Chart
Figure 3 is 5 box value chart plotted with closing prices of
every minute. Trend turned bullish now. Triple Top Buy occurred above 8040 on
day before followed by bullish trend line has changed the trend. Mini bottom
formed at 8090 has made the stop closer for short term traders. Counts of 8270+
are open.
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Figure 1: Nifty dly 10 x 3 cl Point and Figure Chart
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| Figure 2: 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.
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.
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