P&F charts this week

Date: 19th April 2015

Nifty Short term trend is bearish. What happens typically during this time is that trends with 'severe' Os tend to continue. Especially where bullish counts are negated and previous bearish counts got activated. Good thing about these setups is that their stops are very affordable. Below are some examples.

Figure 1: Bharatforge (1197.15)

Eye on previous bearish count of 1139. Stop at column reversal which is at 1207 currently.

Figure 2 : Mindtree (1292.20) 

I am looking at previous bearish count of 1224. Column reversal should be the stop which is at 1304 at the moment.

Figure 3: Eicher Motor (15311.10)

Turned down after column consolidation. Looks set for 10-15% downside. Shorts should be covered if it closes above 15520

Figure 4: TCS (2474.85)

Eye on previous bearish count of 2197. Need to see if it turns out to be a false triangle breakout. Shorts should be covered if close comes above 2500.

Figure 5: Sector RS chart

IT and Pharma turning bearish. Metals and PSE showing signs of hope. 

Figure 1: Bharat Forge 0.25% x 3 cl Point & Figure Chart

 

Figure 2: Mindtree 0.25% x 3 cl Point & Figure Chart

 

 

Figure 3: Eicher Motors 0.25% x 3 cl Point & Figure Chart

 

 

Figure 4: TCS 0.25% x 3 cl Point & Figure Chart

 

Figure 5: P&F Sector Relative Strength Chart

 

 

- Prashant Shah

 

 

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