• : January 23, 2021
  • : Prashant Shah
Nifty 50: Pattern Counter

The Pattern counter scanner considers all possible scenario on a swing chart and score the strength and range of the pattern using P&F charting tool.

Click here to know more about Pattern counter scanner.

Observe in above chart, Strength score of ADANIPORTS is 8 and Range is 154, and price pattern is a bullish breakout. That means, there is a strong bearish trend in the pattern before breakout. The high range is because the bulls bounced back.

The pattern of TATAMOTORS is bearish retracement with high range score meaning, there is a wide range of breakout before retracement.

HCLTECH triangle pattern has a wide range. But INFY triangle has more bullish boxes.

Notice JSWSTEEL, it has more bullish boxes in total range and pattern is bullish retracement.

TATASTEEL is in a strong trend with series of continuation boxes. Reversal level is far from current price. BRITANNIA has more bearish boxes in the total range, and pattern is of a bearish retracement.

You can sort the counters as per range score and check the pattern name. Wide range in a breakout stock shows strong bounce before the breakout. Wide range in a consolidation phase shows that the stock is in a volatile phase. Narrow range in the consolidation phase indicate squeeze pattern.

Retracement with wide range provides affordable opportunity to participate in continuation breakout.

It would make sense to count the Trend to Range score in the above scanner – Next release of TradePoint