|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 11 Oct'13|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 11 Oct'13|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug' 2013, onward - as on 11 Oct'13|
Learning from the Past Week: (click here for the previous post)
- As studied last week - August and September Candles form a Bullish Harami - October Candle to-date looks like making it a Bullish 'Three Inside up' (study).
Support & Resistance:
- 5915, the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' #5 fails the Bears early in the week.
- All time High beckons the Bulls #5.
- EOD - 50 SMA and 200 SMA stay crossed bearishly in a Death Cross #5.
- EOM - 5 EMA and 13 SMA cross Bullishly last week - Bearish overhang lifts for now.
- STS resistance line, seen last week, holds back the Bulls #4.
Bulls clear 5915 (the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high'), All time High beckons..
Looking Forward into the next Week:
- The Bullish 'Three Inside Up' (study) forming on the Long Term Chart #1 - was worth a watch and continues to be focus area.
- The 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' (5915) is the support for the Index #5.
- Last 'All time high' is the resistance #5.
- 200 SMA and 50 SMA on the Day Charts remaining Bearishly Crossed #5, keeps the Bulls under pressure.
- Bear overhang of the Long Term #1, broke with the 5 EMA and 13 SMA crossing Bullishly - the number Bulls need to stay clear of, in Oct'13 is 6003.
- STS resistance line which trumped the Bulls last couple of weeks to be watched #4.
Bears place their hopes on the Death Cross #5 and STS Resistance #4 - Bulls eye the 'All time High' #5.