Nifty last closing price: 8564.60
Daily chart (Medium - Intermediate trend)
Figure 1 is 10 box P&F
chart plotted with daily closing prices.
·
Last Pattern: Low Pole (Bullish)
·
Last Column: Bullish
·
45 degree trend: Bullish
·
Active counts: 8810, 8840
No significant change in this chart. Price remained
range bound as mentioned.
1 Min Chart (Short term trend)
Figure 2 is 5 box P&F chart plotted
with closing prices of every minute. Price remained range bound and 8600 worked well. 8600
and 8690 are reference levels on the higher side. 8480 - 8500 are levels on the
lower side where price has seen significant price action in the past. Price is expected to see 8500 on this time frame. 8370 - 8350 is an important area below that.
Figure 3 is 1% x 3 P&F chart of Nifty. Bear
Trap formation has trailed up Mini Bottom to 7980. Chart is Bullish and higher
counts are active.
Figure 4 is 0.50% x 3 P&F chart. Buy signal
after Bullish broadening formation is a strong pattern. Higher counts are
active and close above 8650 would be very interesting. Close below 8330 is long
exit signal.
Figure 5 is X-Percent P&F breath indicator of
Nifty 50. I have mentioned this indicator several times in previous posts. 66%
stocks of Nifty 50 are having bullish column at the moment.
Overall trend is bullish but recent formation in
various charts and matrix number is neutral.
- 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.
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.
No comments:
Post a Comment