Sunday, January 27, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 21 January to 25 January, 2013 - Channel Top Stop.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 25 Jan '13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 25 Jan '13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Nov' 2012, onward - as on 25 Jan '13

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

Channel top on the EOW #3 - which caught our attention last couple of weeks - sends back the Bulls.
Our mark was 6106 and the week topped at 6101 - watchful bears moved down for a feast #5.
5 EMA stays above the 13 SMA all last week, on the short term charts #5 - keeping the Bulls in play. 
Day channel #5 with the arrows, show us the resistance and supports to watch out for, next week.
MACD and Signal lines stay Bearishly crossed #6.
The Doji #3 formed last week - sets up a possible Evening Star Reversal.

Hitting the Week Channel top and facing a possible 'Evening Doji Star' Bulls have their work cut out for them - Currently however, Bulls control all three screens. 

Looking Forward into the next Week:

Channel top on the EOW, remains a major resistance #3 and 6126 is the number to beat this week.
Clearing the EOW channel top - Bulls would aim for the EOM's green Channel bottom line #1.
The 5 EMA /13 SMA,  bearish cross on the EOD is a signal to watch #5.
Index staying above the 5 EMA on the EOW, is critical for Bulls in the medium term #3.
Action of the MACD vs signal line, is worth a watch #6.
A study of the Evening Doji Star here, here and anywhere else is good for educational reasons.

6126+ to crack the EOW Channel top #3 is good for the Bulls - Evening Doji Star triggering #3 is good for Bears.