Wednesday, April 18, 2012

EOD Technical Analysis, CNX Nifty - 18 April 2012 - Bingo !

Nifty - End of Day - 18 April  2012 
Our EOD analysis yesterday (click), proposed that 5292+ would be where the Nifty saw the bullish cross of   the 5 EMA and 13 SMA.
We suggested that Global cues were critical, the SP500 Analysis today morning gave us a sense that Bulls were not fully on top (click).
After the Gap up today morning the Bears shorted happily all the way from 5342 to 5293, and then closed the day at 5300 - leaving the Bulls just in the game and with a channel break.

Above still leaves the MACD sub zero.

One expects the Bulls to strengthen their case, staying above 5285, this week.
5285 is important as the last two weekly candles, currently show a developing 'Engulfing Candlestick Pattern' - valid above 5285.

EOD Technical Analysis, S&P 500 - 17 April 2012 - Bulls catch up..

S&P 500 - End of Day - 17 April  2012   
The Bulls have reconquered the Moving VWAP 34, which we studied (click) as the resistance to beat.
Index also closed above all the short term Moving Averages (MA), that we watch, as shown above.
The (yellow) Day channel that we follow, was broken on the upside, by yesterday's candle.

SP500 stopped short of any of the above MA crossing above the others.
Case in point, a mere 5 points plus, is all that is required for the 5 EMA to cross above the 13 SMA.
Bulls have held the Index neutral in the short term, leaving the real breakout into the green, for another day.

We conclude that follow up action is required, to call it 'Advantage Bulls' .. right now, the field is wide open.