Nifty P&F (Wk 3004-0405) - till 5060 beware of 'bear trap'

Recap:

No more an "ascending top", now it's only bullish catapult.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly DOWN. Daily DOWN. BlSL has been broken in weekly chart also. Support should not breach 5060 for bullishness to be intact. This is definitely a consolidation, it's a matter to be tested which way finally it gives in. As it's grinding too much in this range, it's likely to get into a trap.

Nifty P&F (Wk 2304-2704) - more grinding ahead before bullishness returns

Weekly Analysis:

Daily Analysis:

Summary:

Weekly UP (as of last week). Daily DOWN. Daily has broken the BlSL. The weekly chart is showing signs of Bullish Catapult. Which means a 7-column affair before the bullishness returns but the pattern is valid only till it holds 5180, which is very near!

Let's see which way it breaks.

Nifty P&F (Wk 1604-2004) - strong support in 5140-5180, upside resistance 5380-5420

Recap:

For the whole week struggled to close below 5240 and the last day of week closed meekly below it.

Weekly Analysis:

Daily Analysis:

Summary:

Weekly DOWN. Daily DOWN. Overall trend has turned down, but there is a BlSL at current point on both daily & weekly chart; Bulls will take this chance. Only a close below 5180 in daily chart & 5140 in weekly chart will set the bearish trend in full-force. On upside, there is a band of resistance between 5380-5420.

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.

Recap:

Price faced resistance in the range of 5360-5375.

Weekly Analysis:

Daily Analysis:

Summary:

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.