Saturday, October 6, 2012

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 01 October to 05 October, 2012 - Channel top action

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 - 05 October, 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 - 05 October, 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 - 05 October, 2012.
Above is the Day Chart - EOD - analyzing Data from May 2012, onward. 

Learning from the Past Week: (click here for the post)
Bulls breakout of the EOD channel (5) - only to slip back inside, on a crazy Friday(last).
Divergence at the MACD (6) persists, the MACD and its Signal Line are yet to cross.
The short fuse indicator (2) turns down, indicating the effect of this month's candle, to-date.
STS in oversold (4) indicates Bull power.
Bulls remain strong, and above the 5 EMA, on all three screens.

Looking Forward into the next Week:
Bulls are in a good place.
Bulls look at taking out the EOW channel top (3) after clearing the EOD Channel top (5).
A massive Pullback to the Monthly Channel's Green bottom line (1) - is the Bull agenda.
Remaining above the 5 EMA on all the three screens next week, would be essential for above. 
Gap between the 50 SMA and 200 SMA on the EOD, continued to widen steadily, after we 'Welcomed Back' the Golden Cross, 10 weeks ago. 
Divergence at the MACD (6) holds promise for the Bears, watch out if the Signal line crosses the MACD during the week.