Nifty Future chart July Series :
Perspective : A sideways trading range, called a bracket in Market profile is best traded through short and sharp moves whilst being aware of the potential of the market to stage a breakout at the extremes.
Back Ground :- A sideways movement as evidenced by a side-on Point of control (POC). Bracket extremes defined clearly in chart above.
Chart Speak :
– The open on Friday at Thursday’s range highs tested the Point of control and moved sharply higher.
– A P shaped profile ( structure of Friday resembles letter P ) indicates that the market moved up on short covering, not a barometer for internal strength.
– Value areas defined at 5649-5619
– Minor strength can be seen above 5654 which can bring 5678 and then 5701.
– support below is at 5583.
The above post is for purpose of education only. Similar charts are posted for the BN, LT, RIL, ICICI, TTM, SBIN everyday on our premium website http://www.vtrender-2.com
