Nifty Point & Figure (PnF) Analysis - Week 20100809 - 0813

Weekly Analysis:

Weekly chart shows LT UP channel support held and moving up. The same should be resisted at 5620. The LT UP channel support should be held 5240 - 5280. There is also a chance of triple top resistance at 5550.

Daily Analysis:

Daily chart crept inside the Int UP channel (Blue) again. However, within the channel there is a triple top develops, if it falls below 5400. That will offer support at 5150 - 5190.

Hourly Analsyis:

Hourly chart has formed a new Int DOWN (Blue) channel. The support has been tested at 5426. Upside on pullback should be resisted at 5450 - 5460. The down ward movement of this channel support and LT UP channel (Yellow) support comes around 5390 - 5400.

Summary:

Double top on Weekly chart. Triple chart on Daily chart. Strong resistance at 5500.
Hourly chart is down with strong support 5390 - 5400.