NIFTY Fut Indicates Strong Reversal Pattern on daily Charts. Detailed Price point and Elliot wave analysis

NIFTY FUTURE- Review of 14 ^th June and Update for 17^th June

NIFTY FUT – marked a strong reversal pattern on the daily charts, typically a island reversal pattern where we witnessed a isolated low being made on the previous day.

With this reversal NIFTY FUT managed to pull back and close at near 5800 levels. Readers will recall from previous posts that 5760 was a strong swing level to watch out for on either side for BULLS and BEARS and this will continue to remain so. On Friday once markets moved above 5760 we saw a strong a continued upmove for the rest of the day as this level then acted as a support.

Now At this level there are two conflicting views as a swing traders and where markets may go from here. One an island reversal typically signals a change in trend and a new trend on the other side. Two at the same time we have seen a strong downmove and typically should see some resistance at retracements.

Check the chart  below which combines price points Elliot waves and Fibonacci retracement analysis to find the next trading level to watch out for.

NIFTY FUT CHART ANALYSIS-16 JUN

As it stands on the upside 5835-40 levels and above that 5870 will be the key hurdles and if we manage to clear that we can see a strong swing reversal pattern confirmation.

On the downside 5750-60 will be the swing support zones and a breach of that can signal a false reversal and lead to strong downside in coming sessions or weeks.

Based on this my idea to trade for a swing trader would be to look to long in retracements with SL and reversal below sustained moves of 5750 or a swing break out long with SL around 5800 if we manage to clear 5870 levels.

From an intraday point of view it is advisable to use the trading levels.

Trading levels for the day:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5835-40  sustaining above which it will target 5865,5890
POWERTRADE TREND DECIDER OF THE DAY ------- 5800-05
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5755-60
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5730,5690

Review of 12th Feb and Update for 13th Feb 2013

NIFTY FUTURE – Review of 12^th Feb

NIFTY FUT – Yesterday when we discussed the trading analysis, one thing was clearly analyzed and advised.
We had asked traders to lock in profits for the swing trades ad look for a break of 5890 zones.  Our BULLS LAST STAND point was also marked at 5900 levels. markets tested these zones but managed to hold on to those levels and when that was respected we saw a good pull back to test the upside zones of 5935 levels giving the only trading opportunity in the day.
NIFTY FUT now has witnessed three lows near identical levels. We had been mentioning in the past few sessions that 5900 levels is the swing levels that are important to the market.
Now that markets have managed to hold onto the 5900 levels and have also taken out the immediate resistance levels of 5930 and managed to close above it , it will be important on how it plays out the next few sesisons.
Is the bottom confirmed yet? What are the levels to look out for to ensure that ? Read our detailed trading analysis for the next trading day.


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NIFTY FUT traders went  long near the 5914 zones and booked good gains all the way till close making it another successful day in a row even in range bound trading conditions. …. Are you looking for complete guided trading without any hassle?.. Are you still worried about your trade entries? Are you missing on these turning points entries? How about looking at our points guaranteed services. …... Where to take the next trade? Did you catch the move in the right time?.... Are you still guessing where to trade? Subscribe to our premium calls and leave your trade entry and exit worries to us. 

NIFTY FUTURE – 13^th Feb  Trading Guide

NIFTY FUT – managed to respect the 5900 levels and pulled back and closed above the immediate hurdle zones of 5930. Let us review the past three days daily candles.
Two quick analysis emerge out in a glance. One  is we witnessed three bottoms in the same trading range now for the past three trading sessions. Secondly today’s candle managed to engulf yesterday’s candle and close above the previous day high, giving a strong short term reversal pattern. Also the fact that we witnessed a higher volume as compared to the previous trading sessions acts as a confirmation.

But now all this also comes with a warning. We are yet to take out the swing hurdle zones of 5965 levels. This will act as the true confirmation of an intermediate trend reversal only
Let us also review the charts as posted below.  As is evident from the chart that NIFTY FUT now has also closed just above the descending trend line.

NIFTY FUT CHARTS 12TH FEB

The Fibonacci extensions also give a good view of where the next hurdles are likely to emerge on a swing basis.
If we do an Elliot wave analysis this will also probably be the wave B after the 5^th wave.
On a swing basis a wave B reversal will only be confirmed above 6010 levels.

As for day trading levels. Immediate hurdle comes at 5960-65 zones and above that now NIFTY FUT can make a dash to 5990-6000 zones. On the downside immediate support emerges at 5910 zones. And a breach of that will again call for a test of the triple day supports.

 
Swing indicator wise the short term are now positive again and will hold true until NIFTY FUT trades above 5900 levels. Mid  term momentum indicators are negative now and will continue to hold so until NIFTY FUT trades below 5965  levels
As for trading today the levels are as follows and pretty much remains the same:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 5960-65   sustaining above which it will target 5995,6025,6045
POWERTRADE TREND DECIDER OF THE DAY ------- 5920-25
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 5900-5905
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 5865,5830

Detailed analysis also posted at www.powertrades.blogspot.com

We at Powertrade believe A Successful Trade is a result of the finest blending of absolute money management skills along with time tested analytical skills refined with conviction. So if you need expert hand holding advisory services to make money trading these levels Register @www.powertrade.co.in and subscribe to our Premium Packages which are loaded with Points Commitment Challenge.

Review of 25th jan and Update for 28th jan 2013-ELLIOT WAVE ANALYSIS & CHARTS

NIFTY FUTURE – Review of 25^th Jan

NIFTY FUT –  For Friday we discussed that  6025 will be the key level to watch out for and at the same time we asked traders to only go short at the break of 5995 and advised traders to look for a pull back opportunity.
Markets traded without a decision in the small trading range but didn’t crack the 5995 levels and this was important and a warning signal that the supply zones that our readers were aware of well in advance may be respected.
This is exactly what happened when we saw the first decisive close above the 6025 zone near about 12 and from there on markets didn’t look back.
We got it wrong early on trying to take a low risk pull back long instead of waiting for the break down , but wisdom prevailed and we closed positions in time and went long to manage well for the day.
Trading above 6025 targets were marked at 6060 (BEARS LAST STAND point of the day) . Check out the candle formation once 6025 was crossed after 12, we didn’t see any close below that level after that and markets managed to do upside targets. First target above 6060 mentioned at 6090, NIFTY FUT high made just below that.
We will recall this was also the swing resistance zone.

Now that markets have pulled back and closed above 6060. What is expected for the next few trading sessions?
Read our analysis and review the charts for the next session.


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NIFTY FUT traders as discussed initially went short below 6025 levels and decided to close the positions and reverse around 6040. Barely making it a neutral day. Bankinfity fut traders had a good trade earning, But missed some of the swing as markets rallied a little too late and we had closed intraday positions...… Are you looking for complete guided trading without any hassle?.. Are you still worried about your trade entries? Are you missing on these turning points entries? How about looking at our points guaranteed services. …... Where to take the next trade? Did you catch the move in the right time?.... Are you still guessing where to trade? Subscribe to our premium calls and leave your trade entry and exit worries to us. 

NIFTY FUTURE – 28^th  Jan  Trading Guide

NIFTY FUT – last week we had discussed in our charts that how important is the trading levels of 6000 on the downside and 6120 on the upside. This is exactly how this spanned out in this range bound volatile week so far where NIFTY FUT just traded within this range without giving away anything on either side. We also advised traders to look for pull back trades within this range and that worked beautifully well for the past week.

With the current week that has spanned out let us look at the Elliot wave and Fibonacci extension analysis charts for NIFTY FUT. As always a chart tells you a lot more things in simpler format than words.

NIFTY FUT WEEK 28 JAN

Based on the chart we see how markets have held on to this range. Now that 6000 has got tested and respected and we managed to close nearer to the upside range , this time we would look for  markets to take out the swing levels of 6120,. Aggressive traders may look to created long side positions even above 6095 zones.
On the downside 6060 will act as the pivotal point and a close above or below it will decide the immediate move of the markets. As we see from the charts we have completed wave 5 in the charts and are looking for new trends to emerge out.
Based on the extensions it looks like that above 6120 the swing targets remain at 6270 zones. But immediate hurdle above that comes at 6170.
On the downside a breach of 6060 and trading below it will again look for a test of 6025 levels. A breach of that will again see a test of 6000 support zones. Which based on Friday’s move looks a little unlikely.

Swing indicator wise the short term indicators are now positive and will hold so until NIFTY FUT holds above 6040. mid term momentum indicators are also neutral at this trading level, they will swing to positive above 6105. This will be negative once NIFTY FUT trades and moves below 5995 levels.

As for trading today the levels are as follows:

POWERTRADE BEARS LAST STAND POINT OF THE DAY ----- 6095-6100   sustaining above which it will target 6120,6135,6170
POWERTRADE TREND DECIDER OF THE DAY ------- 6055-60
POWERTRADE BULLS LAST STAND POINT OF THE DAY------- 6025-6030
Breakdown and sustaining below POWERTRADE BULLS LAST STAND POINT OF THE DAY will open target for support of ---- 6005,5990,5960

Detailed analysis also posted at www.powertrades.blogspot.com

We at Powertrade believe A Successful Trade is a result of the finest blending of absolute money management skills along with time tested analytical skills refined with conviction. So if you need expert hand holding advisory services to make money trading these levels Register @www.powertrade.co.in and subscribe to our Premium Packages which are loaded with Points Commitment Challenge.