|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 30 Aug'13|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 30 Aug'13|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Apr' 2013, onward - as on 30 Aug'13|
Learning from the Past Week: (click here for the previous post)
- On the Medium Term EOW #3, the 'High Wave' Candle studied few weeks ago, gives the Bears another Takuri Week, after a volatile Month Close.
- The 50% Fibonacci retrace of the 'Jan'12 low to All time high' stands again last week #5.
- Index after cracking the Day Channel and pulling back to its bottom #5 exactly last week - repeats performance this week too.
- The 76.4% Fibonacci Retrace of the 2008 Low to the All time High #3 - supports the Weekly close again.
- 50 SMA and 200 SMA stay crossed bearishly in a Death Cross #5.
- 200 SMA on the Medium Term #3 - holds the Index in closing, for the second week running..
- 5 EMA and 13 SMA cross bearishly #1, giving the Bears the Long Term Screen..
- 'Trend Deviation' Indicator #2 on the long term charts show Bulls slipping below the center line for the Month close.
- MACD Histograms diverge positive relative to price again, MACD and its MA poised for a cross #6.
- STS #4 stays down after diving into the oversold after 18 odd months.
Bears ride the 'High Wave' #3 to a Death Cross #5, get a 700+ point fall and run into the Takuri Line twice...
Looking Forward into the next Week:
- Takuri Line #3 studied last week is still on...
- The day channel bottom #5 is again the resistance - for the Bulls.
- The 50% Fibonacci retrace of the 'Jan'12 low to All time high' remains support for the Bulls like in last week #5.
- 200 SMA and 50 SMA on the Day Charts remaining Bearishly Crossed #5, keeps the Bulls under pressure.
- 200 SMA on the EOW - to be watched for failure.
- 13 SMA and 5 EMA on the Short Term #5 seem to want a Bullish Cross.
- STS remaining in the over-sold zone - critical for Bears to retain the Medium Term.
Bulls would love a Golden Cross #5 - Bears hope to stay below the EOD Channel bottom #5.