Saturday, October 29, 2011

Most of the world markets have breached BrRL

Click here for this week's Nifty weekly analysis.

US Markets:


DOWJONES Broken BrRL. Approaching resistance near 12370!


S&P500 clear break-out. A channel top still to offer resistance.


NASDAQ broken BrRL. Gradually approaching the channel top.


Europe:


FTSE though broken BrRL might form an H&S pattern!

Asia:


NIKKEI too formed a bottoming pattern. However, the market is in long correction mode.

Friday, October 28, 2011

Nifty Point & Figure (PnF) Analysis - Week 3110 - 0411

Recap:

Bullish undertone got converted to Bulls.

Weekly Analysis:


Daily Analysis:


Summary:

All Bulls. Daily near resistance zone at 5430. Week near resistance zone 5460 >> 5540. A pullback from this should be good opportunity for some medium-term equity investment in some large cap stocks.

P&F once again proves that a simple price action is good enough to identify trend / range and reversal. Though it will take the weekly chart to signal a complete reversal, but the daily chart is showing good amount of reversal. A few points in support for the reversal:
  • A spread daily bottom and a plain double bottom at 4720.
  • This bottom coincides with 38.2% Fib-retracement
  • It has been a year (Oct'10 to Oct'11) for one cycle of correction.
  • Some large cap stocks are bottoming out.
If this is a reversal confirmed, we are heading for two targets: HPO of 5700 and VPO of 5940. Incidentally these are respective tops of previous up legs.

Monday, October 24, 2011

Nifty Point & Figure (PnF) Analysis - Week 2410 - 28011

Recap:

Remained rangebound.

Weekly Analysis:


Daily Analysis:

 

Summary:

All rangebound. Bullish undertone.

Tuesday, October 18, 2011

Nifty Point & Figure (PnF) Analysis - Week 1710 - 211011

Recap:

Bulls spent the week.

Weekly Analysis:


Daily Analysis:


Summary:

Weekly paused. Daily DOWN. Overall rangebound. Interesting week, with decision coming soon.

Saturday, October 8, 2011

Nifty Point & Figure (PnF) Analysis - Week 1010 - 141011

Recap:

Remained rangebound.

Weekly Analysis:


Daily Analysis:


Summary:

Weekly Halted. Daily Up. Still rangebound with Bullish undertone coming from a double-bottom.

Saturday, October 1, 2011

Nifty Point & Figure (PnF) Analysis - Week 0310 - 071011

Recap:

Was wrong in presuming Bulls were gone.

Weekly Analysis:


Daily Analysis:


Summary:

Weekly DOWN. Daily undecided. Overall rangebound. Range contracting fast. Chance of a false direction can not be ruled out.