Consolidation phase!!
Date: 22nd Feb 2015
Date: 22nd Feb 2015
Nifty last closing price: 8833.6
Daily chart
Figure 1 is 10 box P&F chart plotted with daily closing prices. Status is same on this time frame. Trend is up but last pattern is High Pole bearish formation. Last two columns have ended within their previous column indicating broader range consolidation happening at the moment. Close above 8900 will trigger bullish direction and activate higher counts. Currently there is no signal for positional trades.
1 Min Chart
Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Resistance levels were discussed during last write up. Price has seen supply coming at Anchor Point zone. Trend is sideways at the moment and both side counts are active.
Bank Nifty (leader) is underperforming. Resistance is in place. Price consolidation happening between 8800 - 8900. Breakout awaited. Let it happen and pattern give us a trade. What is expected technically on Budget session at the end of coming week?... Thought full of noise!!
 |
| 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 |
 |
| Figure 3: Bank Nifty Relative Strength 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. |
No comments:
Post a Comment