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.