|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 30 06 Sept'13|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 06 Sept'13|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Apr' 2013, onward - as on 06 Sept'13|
Learning from the Past Week: (click here for the previous post)
- The two Takuri Weeks we had seen here and here - give the Bulls a nice Take off #3.
- On the EOW #3, the 'High Wave' Candle we studied earlier, gave the Bears a massive 20% profit, from top to bottom of the fall.
Support & Resistance:
- The 50% Fibonacci retrace of the 'Jan'12 low to All time high' stands again last week #5.
- The 76.4% Fibonacci Retrace of the 2008 Low to the All time High #3 - supports the Weekly close again.
- 50 SMA on the EOD was the resistance the Bulls ran into last week #5 - after breaking through the previous EOD channel bottom.
- 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 third week running..
- 5 EMA and 13 SMA stay Bearishly Crossed #1, giving the Bears the Long Term Screen..
- On the EOD 5 EMA and 13 SMA cross Bullishly #5.
- 'Trend Deviation' Indicator #2 on the long term charts show Bulls attempting to return to the positive.
- STS #4 runs into resistance.
After running into the Takuri Line twice Bulls take off to the 50 SMA...
Looking Forward into the next Week:
Support & Resistance:
- The new day channel shows the Bulls clearing the mid point. #5.
- 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 Medium Term #3 next on watch list by the Bulls for a Cross.
- STS remaining below its resistance line - critical for Bears to stay in the game.
Bears desperate to get below the 200 SMA on the EOW #3 after three consecutive failures. Bulls want life above the 200 SMA on the EOD #5.