Sunday, May 26, 2013

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.

5 comments:

  1. i am regular reader of your weekend posts.. pls continue.

    ReplyDelete
    Replies
    1. narasing, thanks for your appreciation.

      Regards,
      Rajib

      Delete
  2. Dear Rajib,

    Thanks, I covered my shorts @ 6030 but I didn't made long position whenever you find
    Some setup please update on blog.

    Thanks and regards,
    Pinakin

    ReplyDelete
  3. Dear Rajib,

    Can we have some time frame in P&F?And VPO and HPO for some long time frame.

    Regards ,
    Pinakin

    ReplyDelete
    Replies
    1. @pinakin,

      The beauty of P&F is it does follow only price no time!
      Longer term I will do in the weekend post.

      Very short term 6030 still stands to be a reversal points, bulls will try to buy in dips till 6030 & bears will try to sell only below 6030 (on closing basis).

      Regards,
      Rajib

      Delete