Sunday, February 17, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 11 February to 15 February, 2013 - 2 Crows' Fall Xtends...

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 15 Feb'13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 15 Feb'13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Nov' 2012, onward - as on 15 Feb'13

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

Channel Top Stop on the EOW #3, remains the nemesis of Bulls for another week.
2 crows pattern which we studied, continues to work for the Bears #3.
Day channel #5 sees price break below the channel bottom - next week's channel also shown.
Index slips below the 34 EMA and 50 SMA on the EOD charts #5.
MACD Histogram ticks up #6.
Bears break the support on the 13 SMA #3 - a strong place and head for a bearish cross of the 13 SMA and 5 EMA on the Medium term screen.
Position of the STS in the oversold shows that the Bulls are around for a comeback #4.

Bears retain control of the short & medium term.. 

Looking Forward into the next Week:

Channel top on the EOW, remains a major resistance #3.
Bouncing from the green bottom line of the new EOD channel #5 - Bulls could attempt a retake of the short term screen.
Index climbing back above the 13 SMA on the EOW #3, is critical for Bulls.
2 crows pattern that we studied last week to be followed up for its targets.
50 SMA and 200 SMA converge - see EOD, after a long time - too much of this would result in a death cross.
Getting above the 76.4% Fibonacci retrace of the last low (Jan'12) from Nifty's all time high #1 - by month end - is important for Bulls to get a shot at new Highs.

Taking the index above 5969 to prevent the Bearish MA cross ( 13 SMA & 5 EMA) on the EOW Charts #3,  would keep the Bull in contention for a Bounce in the coming week..