Sunday, February 3, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 28 January to 01 February, 2013 - 2 Crows & a Wall

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 01 Feb'13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 01 Feb'13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Nov' 2012, onward - as on 01 Feb'13

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

Channel Top Stop on the EOW #3 - again - sends back the Bulls.
Our mark was 6126 and the week topped at 6112 - watchful bears moved down for a 125 point  fall #5.
5 EMA slips below the 13 SMA, on the short term charts #5 - disadvantage Bulls. 
Day channel #5 with the arrows, show us the resistance and supports to watch out for, next week.
Index slips below the 5 EMA on the EOW charts #3.
MACD and Signal lines stay Bearishly crossed #6.
A possible Evening Star Reversal fails - but a 'Bearish 2 Crows' pattern emerges #3

Bulls lose control of the short term even as the Bears rev up some momentum after bouncing off the Week Channel's top line #3.

Looking Forward into the next Week:

Channel top on the EOW, remains a major resistance #3.
Bouncing from the Blue middle line of the EOD channel #5 - Bulls could attempt a retake of the short term screen.
Index getting back 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.
Wall for the month is 6035.
A study of the 2 Crows pattern, herehere or anywhere else is good, from an educational perspective.

Closing above the Wall (6035) is the near term task for the Bulls - Taking the index below the 34 EMA on the EOD Charts #5 keeps the short term with the Bears.