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Monday, September 9, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Takuri Take Off :- Week: 02 September to 06 September: 2013.



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)

Patterns:

  • 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.
Moving Averages:
  • 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.
Indicators:
  • '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:

Patterns:

  • The Double Takuri Line's effect #3 studied earlier (here and here) still persists..
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.
Moving Averages:
  • 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.
 Indicators:
  • 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.