Saturday, September 29, 2012

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 24 Sept to 28 Sept, 2012 - Channel top blues..

Nifty 50: Long Term View (or) Month Chart, each candle is 1 month's price action (or) EOM Chart:
CNX Nifty 50 - End of Month (EOM) Chart - 28 Sept, 2012
Above is the Month Chart - EOM -  analyzing Data from 2008 onward. 

Nifty 50: Medium Term View (or) Week Chart, each candle is 1 week's price action (or) EOW Chart:
CNX Nifty 50 - End of Week (EOW) Chart - 28 Sept, 2012
Above is the Week Chart - EOW -  analyzing Data from Mid 2011 onward.

Nifty 50: Short Term View (or) Day Chart, line chart of closing Prices  (or) EOD Chart:
CNX Nifty 50 - End of Day (EOD) Chart - 28 Sept, 2012
Above is the Day Chart - EOD - analyzing Data from May 2012, onward. 

Learning from the Past Week: (click here for the post)
Bears use the Resistance of the EOD channel top (5) to send back the Bulls, twice last week.
The Bears look at a cross on the MACD lines (6) next.
The short fuse oscillator (2) - goes flat, displaying this month's action - to date. 
Price finds support at the 5 EMA on EOD (5) - leaving the tired Bulls in command.

Looking Forward into the next Week:
First sign of trouble for the Bulls was the Bears holding the EOD channel (5).
Bearish cross of the MACD lines - next week - gives some more power to the Bears.
A massive Pullback to the Monthly Channel's Green bottom line (1) - is the Bull agenda.
Keeping index above the 5 EMA on the EOW (3) next week, would be essential for above. 
An evening star forming - is something to watch out for, next week - we have two of the three candles needed, in place (3).