Sunday, August 1, 2010

Nifty Point & Figure (PnF) Analysis - Week 20100802 - 0706

Weekly Analysis:


Weekly chart has met with double resistance. Turning back and should get support at 5280-5320. If upside resumes, it should be resisted at 5540 if broken might test 5625 - 5670.

Daily Analysis:


Intermediate UP channel (blue) support got broken at 5370. Next support comes at LT UP channel at 5070 - 5110. If it turns up should get resisted at 5540 - 5580.

Hourly Analysis:


A new intermediate DOWN channel is formed. This has resisted it at 5358. If it breaks the LT UP channel should support at 5290 - 5300. If the support acts strong, immediate resistance is at 5400 - 5410 level.

Summary:

More of DOWN side than UP side expected. Pullbacks if any should get resisted at 5370 - 5410. DOWN side support comes first at 5300 and subsequently at 5070 - 5100.

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