Nifty opened with 45 points gap down and started pulling back with good volumes. After covering the gap completely, it came down with draining volume. From 11th June till date, Nifty formed a falling Wedge price pattern, volumes were not draining in the in this Wedge formation, which is desired but not compulsory.
Below is today's chart showing the Falling Wedge:
Cues For Tomorrow (June 16th):
On the higher side, Nifty got 2 resistances for tomorrow.
- The resistance line of the wedge formed in the price pattern
- Support trend line fromed by joining the lows of 26th May and 9th June (shown in Yellow)
On the lower side, Nifty got support at 4460/4450 levels, if it is broken then we may see Nifty skidding to lower levels as we have more chances of reaching the support line of the expanding triangle. Also a point to note is that in this Expanding Triangle, volumes in the last up-wave are clearly lower compared to the volumes in the last down-wave. This is signaling that lower side may be is on cards.
Below is the 15min chart of Nifty futures showing expanding triangle.
4 comments:
gr8 analysis Doji. Thank you for this.
Wanna know jus one thing, i've been avoiding amibroker jus bcoz i dont have any option for colour bar. Are u using any AFl or pattern explorer? If afl can you share it?
regards,
SATYAM.
Hi satyam,
I am using afl for the bar color, below is my price afl. Which allows to change the bar colors. Copy paste this afl in your price, and save it.
<---
SetChartOptions(0,chartShowArrows|chartShowDates);
_N(Title = StrFormat("{{NAME}} - {{INTERVAL}} {{DATE}} Open %g, Hi %g, Lo %g, Close %g (%.1f%%) {{VALUES}}", O, H, L, C, SelectedValue( ROC( C, 1 ) ) ));
priceStyle = IIf( (Interval(0)<=1), styleLine, styleBar);
CandleBorder = ParamColor("Candle Border Color", colorBlack );
UpCandleColor = ParamColor("Up Candle Color", colorGreen );
DownCandleColor = ParamColor("Down Candle Color", colorRed );
Graph0BarColor = IIf( C > O,UpCandleColor ,DownCandleColor);
Plot( C, "Close", CandleBorder, styleNoTitle | ParamStyle("Style") | priceStyle );
--->
Let me know if you have any problem.
-Doji
Perfect. Just thankful to you. Was looking for this one for ages, but couldnt find as I have very limied knowledge on amibroker. Thank you once again. And wish for the lower levels :D
Hi Doji,
Sorry I might have missed your reply on earlier comment however I need yor help to integrate PIB and Amiborker, I have downloaded the volume digger file however not able to integrate these two...can you help me with the step by step process. Also I have imported your intraday tick data in Amibroker but not able to amke charts ...Am I missing any step.
Thanks,
Maynd
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