Weekly channel has offered resistance at 5450. The blue intermediate UP channel support provided at 5280 - 5320. Breaking this channel will test LT UP channel at 5200 - 5240. Breaking this will onset reversal and downward movement.
Daily Analysis:
The Daily chart has offered resistance at 5450-5500 level. Downward movement initiated and expected to be supported at 5320 - 5360. Breaking this LT UP channel support comes at 5065 - 5105.
Hourly Analysis:
Hourly chart shows a new Blue channel movement. This should provide a support at 5390 and resistance at 5450 - 5460. Breaking the blue channel support will find, Intermediate UP channel support at 5320 - 5330.
Summary:
Weekly, Daily & Hourly channel tops have offered resistance. More DOWN side than UP side expected. Several time-frame supports at different points. Important levels 5320 (Daily & Hourly), 5200 - 5240 (Weekly).
Is it possible to give a write up to draw P&F chart and interprettations.
ReplyDeleteAny ready software is there to draw this
Very good analysis
Bala
Always enjoyed pnf charts, keep the good work going, Rajib. I've bookmarked it.:)
ReplyDelete@ BALA ...
ReplyDeleteYes the one I have put here is simple excel vba application I have developed. If you want this I can share.
@Yoda ...
I am thrilled. That's some kind of inspiration. Shall try my best to update it on weekly basis.
Nice charts and observations. Different views on one object is required to understand it fully. This blog expresses one view point very beautifully. If you don't mind please send the excell vba application to balanandan@gmail.com.
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