Mastering Nifty Fut with Trading Trend lines & Price channels

NIFTY FUTURE- Review of 13^th Aug and Update for Next session

We all use various kinds of analysis and technical tools and techniques like( Fibo, gann, price point analysis, Trendlines etc) to find out patterns and making projections for the next move.  At times we use multiple tools or techniques. They give a dual advantage. One is many a times one of the techniques seem to work well during phases and secondly also that a confirmation of a level on multiple techniques serve a double confirmation for trades.

Now the fun part is most of the times the simplest of the techniques work best.  Trendlines is one of the classic and time tested techniques in the markets. TRENDLINES along with price channels form a very good combination and give a strong idea where price can be headed. They can also be utilized to get an idea of stops when one wants to trail the trades.

Let us review NIFTY charts based on price channels and trend lines. Today 5635 levels formed multiple trading confirmations to ensure a clear breakout and once NIFTY FUt managed to trade above that range it gave a clear confirmation. Let the picture tell the rest of the story..

NIFTY Future Charts-13th Aug. Price Channels and Trend Lines

So where is it headed from here. Longs will hold good until NIFTY fut manages to trade above 5665. Managing to trade and sustain above that can ensure NIFTY Fut goes on to target the levels of 5765 and 5830 on the upside price channel trends. On the downside a breach of 5665 will ensure a re test of 5635 and lower levels. 5635 will form the downside pivotal level on the downside a breach of that will ensure a confirmed renewal of the downtrend.

Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 571  0-15  sustaining above which it will target 5735, 5765,5830
POWERTRADE TREND DECIDER OF THE DAY ------- 5665-70
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5635-40
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5610,5570