Date: 19th April 2015
1 Min Chart (Short term trend)
Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Trend turned down and breached 45 degree line earlier in the last week. Chart remained 'smooth' thereafter and continued with bearish setups. Lower time frame is bearish with open counts up to 8495.
Nifty last closing price: 8606.00
Daily chart (Medium - Intermediate trend)
Figure 1 is 10
box P&F chart plotted with daily closing prices. All days remained in
column of 'O' during last week. As discussed, column turning to 'O' after
Bullish engulfing pattern is an exit signal for long trades. But current
bearish column is still above mid value of previous column of 'X' hence last
pattern is still bullish. Price closing below 8590 will form High Pole at
current column and make it bearish. I don't prefer to short at High Pole but at
subsequent signal. Hence chart is absolutely neutral at the moment for
positional and medium term traders. Previous support of 8840 discussed during
previous write ups has worked as resistance for this rally. Close above 8840 will
activate the bullish count of 9600+. Close below 8340 will not only negate that
bullish count but also breach 45 degree bullish line that will turn
intermediate trend to down and enable short trades.
Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Trend turned down and breached 45 degree line earlier in the last week. Chart remained 'smooth' thereafter and continued with bearish setups. Lower time frame is bearish with open counts up to 8495.
In brief, charts are neutral at the moment for medium term traders and
bearish for short term traders.
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| Figure 1: Nifty dly 10 x 3 cl Point & Figure Chart |
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| Figure 2: Nifty 1 min 5 x 3 cl Point & 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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