Sunday, March 24, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 18 March to 22 March, 2013 - Three Outside Down ?



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 22 March'13




Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 22 March'13




Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Nov' 2012, onward - as on 22 March'13





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

We saw the 61.8% Fibonacci retrace of the last low (Jan'12) from Nifty's all time high #1, as support last week.
Price came down to this level and closed exactly at this line last Friday #1, #5a & #5b.
Month Chart shows the last three candles showing a potential 'Three Outside Down.' #1
Position of the STS on the EOW, shows a possible Bull comeback #4.
The 5 EMA moving below the 13 SMA, on the Day Charts, triggered the fall as studied last week #5.



Price lands exactly on the  61.8% Fibonacci retrace of the last low (Jan'12) from Nifty's all time high #1.





Looking Forward into the next Week:

50 SMA and 200 SMA, convergence towards a death cross to be watched #5.
Getting above 5919, the 76.4% Fibonacci retrace of the last low (Jan'12) from Nifty's all time high #1 - is important for Bulls to get a shot at new Highs.
Support line on the STS #4, to be watched. 
The close of this month's candle (this last week) would decide it we have a 'Three Outside Down' on the Long Term Charts #1.
Good enough reason to read it up here, here or elsewhere !




The 61.8% Fibonacci retrace (5650) of the last low (Jan'12) from Nifty's all time high #1, remains support - failure by Bulls to take index above last Month's close (5693) makes it a 'Three Outside Down' - so our resistance is 5693.