Nifty P&F (Wk 3012-0301) - Reasonably bullish, above 6355, strength returns.

Happy New Year 2014. Wish you a very Prosperous & Profitable year ahead!
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Recap:

Daily weakness kept the price soft, but still not cleared 6355!

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pattern : Spread Top BO.
Daily pattern : Rising Bottm, Double top BO buy. BrRL hit.
HPO (D) : -
VPO (D) : 6350
BlSL (D) : 6225-6256
BrRL (D) : 6320-6350

Nifty P&F (Wk 2312-2712) - Weekly strong, daily weak. Above 6355, strength returns.

Recap:

Look at the chart BlSL 6100-6130 level played as support.

Weekly Analsysis:

Daily Analysis:

Summary:

Weekly pattern : High pole.
Daily pattern : Rising Bottm (yet to confirm)
HPO (D) : -
VPO (D) : -

BlSL (D) : 6160-6190
BlSL (W) : -

Nifty P&F (Wk 1612-2112) - Short-term weakness in support zone till 6100

Recap:

As said the bull strength still remains. VPO (D) 6370 was achieved.

Weekly Anlaysis:

Daily Analysis:

 

Summary:

Weekly pattern : Semi-Catapault.
Daily pattern : High pole.
HPO (D) : Achieved
VPO (D) : Achieved

BlSL (D) : 6100-6130
BlSL (W) : 5745

Nifty P&F (Wk 0912-1312) - Till 6155 current Bull trend in-tact

Recap:

Break-out got stronger by leaps.

Weekly Analysis:

Daily Analysis:

 

Summary:

Weekly pattern : Semi-Catapault.
Daily pattern : Double Top break-out.
HPO (D) : 6310-6340
VPO (D) : 6370

BlSL (D) : 6155
BlSL (W) : 5745

Nifty P&F (Wk 0212-0612) - Break-out in all charts buy till 6060!

Summary:

I still say the long-term looks quite good.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pattern - Semi-Catapault.
Daily pattern - Double Top & BrRL break-out.

High probability that longs will be sustained. Buy at every opportunity of pullback till 6090 & exit longs at 6060 level. As of now multiple channel (BlSL) support lies till 5880 level.

Note:

As you see from the charts, there have been few key changes:

• Scale changed to logarithmic
• Weekly - 2% (Box Size) & 3 (reversal)
• Daily - 0.5% (Box Size) & 2 (reversal)
• Simple signal (Double Bottom / Top break-out) wherever applicable

Also I'll try to make my analysis more relevant to the books of Point & Figure. Let me know, how you like the changes.

Free P&F Tool Update - with % price based logarithmic scaling

It gives me immense pleasure to share with you that I've upgraded my tool to incorporate % based logarithmic scaling. This was perhaps one of the important features that was not available in the tool.

Benefits:

• Flexibility to plot long-range data.
• No need to maintain a table of price-box mapping
• Can play short, medium & long-term easily from the chart.

Link for Download

Available in the Download Link on the blog.

Direct Link:
http://www.4shared.com/office/66YAQxZ8/p_fchart_free.html

Instructions:

• Go to chart sheet
• In the cell C4 (left side of "Scale Multiple"), there are two values in the drill down - L (Logarithmic) & N (Natural)
• For L
• The "Block Size" (cell E2) should be mentioned in decimal (i.e. 10% = 0.1, 1% = 0.01, 0.5% = 0.005 etc.)
• The ScaleM will not work here. So leave it at 1. Don't try to alter it to get surprises.
• For N
• As earlier, the "Block Size" (cell E2) should be mentioned in the box amount (e.g. 2, 10, 100 etc.)
• The ScaleM will work here, so if you want in the multiple of 5 or 10, put them likely.

I hope with this you become more rich in your trading & finance.

For further reading on P&F setting (including scaling), you can refer here:
http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:pnf_charts:pnf_scale_time

Note:

I expect the users of this tool to be necessarily savy with basic Microsoft Excel skills. So don't expect any manual on this tool from me. If you have any specific query on the usage of the tool, you can always ask me on this blog (preferably in the latest post, as I rarely visit my old posts).

Credit:

This development was possible because a gentleman called Mr. Praveen Pentakota brought this requirement to my notice. Thanks a lot Praveen.

Nifty P&F (Wk 1811-2211) - Short-term resistance ahead, long term looks good! A New release of the tool coming soon!

Recap:

Was grossly wrong in gauging the market. It was 6000 & not 6100!

Summary:

Weekly chart is still quite strong! Daily is down with a pullback & some immediate resistance lined up till 6186.

Weekly chart is showing significant accumulation with repeated attempts of new highs. I'm somehow of the opinion that the current stage is simple pullback.

Note:

Please see this post does not have any chart because I'm working on my excel tool to incorporate a % based scaling (semi-log) & expect to share with you all very soon.

Thanks to Praveen Pentakota, who brought this requirement to me. I also got a copy of Heinrich Weber & Kermiet Zieg, suggested by Praveen, and after completing the book, I realize that it's a necessity to have this scaling facility in a P&F tool.

So expect this tool to be available very soon!

22 Yards ... 24 Years ... there was a man beyond that ... Thank you Sachin!

It showed today ...

Not the Numbers ...                                                                                                 

 

Not the Skills ...                                                                   

 

Not the techniques ...                   

 

But Humility makes a man greater than life ... You taught so much more to me today! Thank you Sachin!

 

 



Nifty P&F (Wk 1111-1511) - 6100 a strong support

Recap:

Minor support @6100 proved quite strong.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly pause, Daily down. Daily Channel support, Fib38 & previous resistance break-out, suggesting strong support @6100. Weekly pivot support has got more room till 6060.

The second leg will determine the whether correction is on or the failure of the break-out has trapped the bulls.

Happy Diwali

Happy Diwali to all my blogmates ...

May Lord Ganesha bless us all with lots of peace & prosperity.

Nifty P&F (Wk 2810-0111) - Support 6020 for sideways or 5900 for deep correction

Recap:

Broke past 6140, a pullback of break-out in all possibility.

Weekly Anlaysis:

Daily Anlaysis:

Summary:

A double top resistance, has set a pullback in process. The BlSLs suggest multiple support points in daily charts @6100 (minor), @6020 (shallow sideways correction also Fib38), @5900 (deep fall also Fib62).

Breaking 5900, could threat the VPO of 6400+.

Nifty P&F (Wk 1410-1810) - Above 6140, we might head for 6400+

Recap:

Broke through the level of 5800 to fall another 100 points.

Weekly Analysis:



Daily Analysis:

 
Summary:

Weekly & Daily Up. Weekly is hitting the BrRL, however Daily has broken through. Once price moves past 6140, VPO of 6430 might be quite possible.

Any pullback has to be retraced with Fib38 (5950) & Fib62 (5860) levels.

Nifty P&F (Wk 2309-2709) - Pullback in process till 5800 intact

Recap:

The resistance zone of 6020 again got cleared off with a gap up. Friday nervous sell helped fill the gap.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly Up. Daily Down. Market has passed through a couple of critical resistance lines. It's pulling back those moves now. Already supported the friday fall at Fib62 @ 5935 level. Until 5800 is breached it's expected to stay supported with resistance at BrRL @ 6085 level.

On a closing chart, if next week closes above 6032, we should expect a new uptrend has resumed.

Nifty P&F (Wk 1609-2009) - Again in resistance zone till 6020-60 cleared, support 5620 followed by 5580

Recap:

The resistance was broken through a gap-up.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly UP. Daily Down. See a copy-book BrRL offering resistance. Until 5900 is broken through, expect a pullback or a reversal, which should get support at Fib38 @ 5620-5635 level followed by a BlSL at weekly chart @ 5580 level.

If 5900 is broken through, there is a BrRL on weekly chart @ 6020 level. On long side, if the story continues, we have a VPO of 6460!

Nifty P&F (Wk 0909-1309) - In the resistance zone, support to come near 5420

Recap:

Pullback supported at 5320.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly UP, Daily Up. Both hitting the BrRL. Expect some supply here. 5420 level should be important point of support.

Nifty P&F (Wk 0209-0609) - Pullback support 5340, resistance still @ 5620-5700 level

Recap:

Demand & Supply kept struggling! Again seems supply arrested.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly again paused. Daily Up. Volatility has increased manifold. If it does not get restricted though the risk:reward ratio will be same for the trade, the absolute amount of risk will be very high.

Still the buy signal has to come for long after breaking out through any of the BrRL. Any pullback should be restricted upto 5340, where the weekly pivot & channel support lies. Resistance as earlier remains in the range of 5620 - 5700.

Nifty P&F (Wk 2608-3008) - Fall temporarily seems arrested, next resistance 5620-5700!

Recap:

Resistance came little before 5755!

Weekly Analysis:

Daily Analysis:

Summary:

Weekly Paused, Daily Up. With more corrections it's expected to get resisted at 5620-5700!

Note: With my travel on cards I'll be a little bit irregular with this blog.

Nifty P&F (Wk 0508-0908) - Immediate support 5620-5660, resistance around 5820; Long-term VPO 4780!

Recap:

Resistance came at 6093, support broken through 5940! And we are set to a down move again.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly & Daily Down. However, the weekly chart shows an immediate support @ 5620-5660 level. Daily however shows a channel support at 5660 is already hit. Monday opening will give a clue. However, such supports provide opportunity look for selling than buying as larger trend is down.

Resistance to short may come around the midpoint of 'O' column at 5820, which is also the resistance level as per weekly pivot.

And, as I mentioned in my last post, this time the VPO in weekly chart is going to be very grave 4780!

Nifty P&F (Wk 2207-2607) - resistance 6100 / 6180, support 5940

Recap:


Weekly Analysis:

Daily Analysis:

Summary:

Weekly & Daily Up. While Daily has started showing weakness, Weekly chart is quite strong with momentum. One needs to be cautious still the BlSL @5935 is broken through confidently. The resistance as remains the same 6100 >> 6180.

Nifty P&F (Wk 1507-1907) - resistance 6100 / 6180, support 5965 / 5860

Recap:

5890 held on as a stiff resistance. 5980 acted only as intraday resistance but broken through.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly & Daily up. After a tiring triangle grinding break-out looks quite promising. As 5980 broken through, next levels of resistance as they stand 6100 (mild) >> 6180 (strong). Supports at 5965 >> 5860.

While I keep sharing my views with you & I'm sure some of you will also have something to share where I can improve upon my studies.

Nifty P&F (Wk 0107-0507) - resistance 5890 / 5980, long cautious till 6000

Recap:

Reversed 1 point above 5540.

Weekly Analysis:

Daily Analysis:

Summary

Weekly paused, Daily Up. In Daily chart, an important zone of resistance BrRL & 50%Fib @5890 level. If it breaks past 5890 level next resistance will be again 2 BrRL & 62%Fib @5980 level.

One needs to be extremely cautious when long still 6000 is captured past.

Nifty P&F (Wk 2406-2806) - Support 5515-5540, daily VPO 5400

Recap:

As expected downtrend continues.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly & Daily DOWN. The downtrend continues, immediate support FibExt2.62 & BlSL in weekly chart @ 5515-5540. The daily VPO stands revised to 5400 (my previous calculation had a point mistake).

Weekly column of "O" continues will perhaps stop at 5540 / 5400, subsequently it will determine the weekly VPO which will be really grave!

Nifty P&F (Wk 1006-1406) - VPO 5350, next support near 5800!

Recap:

Bearish sentiment is on. 5800 still to be tested.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly & Daily Down. 5800 still to be tested. Let this time my VPO of 5350 be conquered!

Nifty P&F (Wk 0306-0706) - mid-term bearish with VPO 5385; next support near 5800

Recap:

5940 supported, 6030 resisted & broken through.

Weekly Analysis:

DailyAnalysis:

Summary:

Weekly & Daily Down. Breaking past last support 5940 will confirm arrest of larger up-trend & set a mid-term Down trend. In that case mid-term VPO targets 5385. 5800 might come up as next support level for this fall.

Nifty P&F (Wk 2705-3105) - 5940 natural support, 6030 cover short

Recap:

Perfect channel & perfect resistance 6225!

Weekly Analysis:

Daily Analysis:

Summary:

Weekly paused, Daily down. Daily chart getting support at BlSL, double bottom & 38% Fib @ 5940. Natural to expect a support (sideway) / reversal. Watch-out for 6015-6030 level to cover shorts.

A double top resistance / BrRL breakout at lower price-scale (hourly) might give some opportunity to go long. However, the set-up is still not there in place.

Note: I've started this blog mainly to show that simple price method of P&F is good enough to play the market. I don't know how many of you who read my blog follow this simple technique. If you people think there are scopes to improve things technically or otherwise, your suggestions would help me a lot.

Nifty P&F (Wk 2005-2405) - Channel top resistance 6220 might give some selling opportunity

Recap:

It buckled from double top & also heading now towards the channel resistance.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly & Daily up. Weekly very near to the channel top & it's highly unlikely that it does not react at this point for a correction / reversal. To follow the reversal we should look at the fib levels.

The immediate opportunity to enter the bull trend might be matter of some time. It can be a good opportunity to short at the resistance points & exit at the sign of reversal.

Nifty P&F (Wk 1305-1705) - bullish trend continues, retracement 5900 >> 5800

Recap:

The resistance not yet set in.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly & Daily Up. Facing double top resistance. Got to see whether retraces from here or goes all the way to the weekly channel top 5220. Retracing from here is good for the up trend else if it goes non-stop the Bullish sentiment could be a trap.

Two distinct levels of retracement as of now, minor 5900, major 5800.

Nifty P&F (Wk 0605-1005) - pullback towards 5800 & medium term bullish

Recap:

5950 hurdle was broken but on a closing basis closed below the level.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly resisted, Daily down. Weekly hitting the BrRL, daily BlSL around 5900 level, however the pullback can retrace different Fib levels - most promising as of now looks 5800 level (minor VPO also lies in this zone).

Technically the Bearish scenario that we talked about last time with VPO 4940 is not there as there has been a double top buy signal. Still otherwise proved, we should be looking at buy in the support zones.