Saturday, April 7, 2012

Nifty P&F (Wk 0904-1304) - sideways till supports 5300, close below 5240 & above 5390 sets trend

Market is not about timing is my belief like most of the P&F technicians. It's all about following the price. For a given duration (whatever it is - hour, day, week & month) only three price points are important - high, low & close. Close is the only price that determines the trend, high & low are the boundaries of the range when price is not trending. My experience says P&F works even today and there is no other method superior to it when it comes to trend.


Price faced resistance in the range of 5360-5375.

Weekly Analysis:

Daily Analysis:


Weekly UP. Daily DOWN. Daily chart showing support at 5300 level, channel support at 5240 level. If this does not break the BlSL, the VPO target is 5800. Multiple BrRLs exist before bulls are free-horn. The first one is daily close above 5390.

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