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Monday, October 21, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Long Term 3 inside up ? :- Week: 14 October to 18 October, 2013.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 18 Oct'13



Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 18 Oct'13



Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug' 2013, onward - as on 18 Oct'13



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


Patterns:

  • As studied last couple of weeks - August and September Candles form a Bullish Harami #M1 - October Candle to-date looks like making it a Bullish 'Three Inside up' (study). 
Support & Resistance:
  • Bulls keep above the 5 EMA on the EOD #D1 - which was support last week.
  • All time High beckons the Bulls #D1 and is the next resistance.
Moving Averages:
  • EOD - 50 SMA and 200 SMA stay crossed bearishly in a Death Cross ##D1. 
  • EOM - 5 EMA and 13 SMA cross Bullishly above 6003 #M1 - Bearish overhang lifts for now.
Indicators:
  • STS resistance line, seen last week, fails to hold back the Bulls #W2.


Wrap:
Bulls cleared 5915 (the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high'), the week before and move towards the  All time High ..



Looking Forward into the next Week:

Patterns:

  • The Bullish 'Three Inside Up' (study) forming on the Long Term Chart #M1 - continues to be focus area.
Support & Resistance:
  • The 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' (5915) is the support for the Index #D1.
  • Last 'All time high' is the resistance #D1.
Moving Averages:
  • 200 SMA and 50 SMA on the Day Charts remaining Bearishly Crossed #D1, keeps the Bulls under pressure. 
  • 50 SMA gets closer to the 200 SMA #D1, over the last week - Golden Cross watch on...
 Indicators:
  • STS resistance line which trumped the Bulls last couple of weeks breaks #W2.


Wrap:
Bears place their hopes on the Death Cross #D1 - Bulls eye the 'All time High' #W1.