Saturday, January 5, 2013

Nifty P&F (Wk 0701-1101) - Resistance 6075, support 5925. Time to reflect!

Happy New Year 2013!!!
To all my blog-viewers & readers. Wish you peace, prosperity & happiness.
Long-term chart at the end

Support came much before 5800. Was grossly wrong, perhaps lack of attention. But people following PnF would have got out of position (short) the moment BrRL got broken @ 5900.

Weekly Analysis:

Daily Analysis:


Weekly & Daily UP. Daily at channel resistance but weekly has got few more space (6060-6100). Added to this the Fib extension indicates 2.62F @ 6075. A strong resistance at this level is expected.
If retraces from current high expect supports @5925.

Yearly Outlook:

I have put the picture in front of you. Only if cycles got to play, we are near the top. Else we go with fundamental theories (DOW) of Higher High (HH) & Lower Low (LL) for the Bull market. Clearly 5580 will play an important level.