This blog attempts to analyze movement of Nifty through the age-old Point & Figure method.
Weekly chart would imply the movement of Nifty for the weeks to come and not necessarily the immediate next week. Same is true for other time frame charts. As price action unfolds every week the charts speak for due course of action.
DISCLAIMER: NOTHING IN THIS BLOG SHOULD BE TAKEN AS TRADE ADVICE
Saturday, November 12, 2011
Nifty P&F (Wk 1311 - 1711) - support broken but BlSL held, a possible "Bear-trap"!
Price broke-past 5150 marginally.
Weekly price on support zone. Daily breached support zone, but holding the channel bottom.
Expect Bulls to attempt channel top again! Bears 5140 >> 5100.