'X' reasserts control!!
Date: 19th Jan 2014
Nifty last closing price: 8513.80
Daily chart
Figure 1 is 10
box value chart plotted with daily closing prices. Buy signal followed after
Opposing Poles formation when price closed above 8330. We discussed during last
write up to wait for next basic signal after such kind of pattern. Upper counts
of 8740 and 8900 are active on this time frame and bottom is trailed at 8110. Exit
long signal level currently placed at 8400 which is mid value of current column
of 'X'. Interestingly, Nifty has never gone below 45 degree bullish line on this
chart since September 2013.
1 Min Chart
Figure 2 is 5 box value
chart plotted with closing prices of every minute. There is a series of bullish
signals above trend line. Trade above 8530 from here will activate upper count
of 8650. Trendline from mini bottom is placed around 8400 levels which can be
treated as a stop for short term long traders. 'X' is back on all time frames. Keep
looking for fresh buy signals.
Figure 1: Nifty daily 10 x 3 cl Point and Figure Chart |
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.