Saturday, July 24, 2010
Nifty PnF Analysis - Week 20100726 - 0730
Weekly chart support came at 5360. Intermediate UP (blue) channel resistance expected 5540 - 5580. LT UP channel support should come around 5200 - 5240.
Daily chart got support at Intermediate UP (Blue) channel support at 5360. Started its upward journey within the channel. It's expected to face the resistance 5540 - 5580. If it fails moving up, the same channel would offer support 5370 - 5410. Failing this the support comes deep in the LT UP channel at 5065 - 5105.
Hourly chart also formed by consolidating in the range of 5360 - 5400 for long hours. In the process it has formed a new Intermediate UP (Blue) channel. This channel has offered a support at 5360 level. Started its upward journey. Resistance should be met somewhere on extrapolation of the channel at 5530 - 5540.
Important levels of resistance to UP side from Daily & Weekly chart comes at 5540. The same charts offer resistance to DOWN side 5360.
Hourly chart shows a great level of consolidation. Whenever, there is a consolidation in the direction of the trend (at the bottom of the channel), some proportional UP side is quite expected. And this should coincide with the Daily & Weekly chart.