Sunday, December 23, 2012

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 17 December to 21 December, 2012 - Teddy eyes X'Mas feast..

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 21 Dec '12 

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 21 Dec '12

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from November 2012, onward - as on 21 Dec '12

Learning from the Past Week: (click here for the post)

Failure of the Bullish Hikkake, very early in the week - helped one sense the trend.
Bears after the above, moved the index below the Nov'12 Close - putting on hold the Bullish Three Outside up #1.
Bulls manage to keep the index above the Wall for December i.e. 5825.
Bullish Cross of the 5 EMA and 13 SMA is followed by a Bearish Cross #5.
MACD and Signal line deflect neatly  #6.
The Short Fuse indicator continues to show a down tick all December #2.
The resistance line on the STS #4 shows us the way again.

The Resistance line drawn on the EOD #5 held off the Bulls once again and the Bears halt just above the Wall. 

Looking Forward into the next Week:

Taking the index below our Wall for December: 5825, would be the next challenge for the Bears.
Bulls need to take it above 5880, the Nov'12 Close to prevent a Bear Charge.
The 5 EMA #3 on the EOW, lines up with the Wall for the coming week i.e. both lie at 5825.
Bulls remain on top, so long as the STS keeps in the oversold  #4.

Break of the 5825-5880 range, early in the week, is something to watch out for. Downside break would be the Bear's X'Mas Treat.