Nifty P&F analysis: Status quo, reversal level trailed up!!

Status quo, reversal level trailed up!!
Date: 31st May 2015

 

Nifty last closing price: 8433.65

 

Daily chart (Medium - Intermediate trend)

 

Figure 1 is 10 box P&F chart plotted with daily closing prices.

 

·         Last Pattern: Column consolidation after bullish patterns (Bullish)

 

·         45 degree trend: Bullish

 

·         Active count: 8840

 

·         Long exit level: 8310     

 

These levels will change with every formation of X or O.

 

1 Min Chart (Short term trend)

Figure 2 is 5 box P&F chart plotted with closing prices of every minute. Resistance and support levels shown last week has worked well. Price respected both the levels. I always feel that Anchor point is most underused tool of P&F world.

 It's a status quo. Formation remain bullish and only development of the week is that reversal level trailed up for long exits.

 



Fig 1: Nifty dly 10 x 3 cl Point & Figure Chart



Fig 2: Nifty 1 min 5 x 3 cl Point & Figure Chart



Fig 3: Nifty dly 10 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. The readers of this material should take their own professional advice before acting on this information.