TO READ THIS WEEK's POST CLICK HERE...

Monday, November 4, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Golden Cross ! - Week 1, November 2013.


Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 03 Nov'13



Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 03 Nov'13



Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug' 2013, onward - as on 03 Nov'13





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


Patterns:

  • As studied last month - August and September Candles form a Bullish Harami  (Study Link herehere or elsewhere) #M1. October closed above September giving the Bulls a 'Three Inside up'.
Support & Resistance:
  • Bulls keep above the Channel middle on the EOD #D1 - which was support last couple of weeks.
  • All time High (ATH) #D1, was resistance last week.
Moving Averages:
  • EOD - 50 SMA and 200 SMA cross bullishly in a Golden Cross #D1. 
  • 5 EMA on EOW #W1 was the support for the Bulls.
Indicators:
  • STS reaches the over bought - resistance of the previous weeks is now support #W2.


Wrap:
Bulls flirt with the All time High bearing a Golden Cross ..



Looking Forward into the next Week:

Patterns:

  • October closing above September's close makes it a Bullish 'Three Inside up' (Study link herehere or elsewhere). 
Support & Resistance:
  • The 34 EMA is last major support for the Bulls #D1.
  • Week channel top #W1 is a pretty decent resistance for Bulls.
Moving Averages: 
  • 50 SMA getting above the 200 SMA (at last!) #D1 makes a Golden Cross (study herehere or elsewhere) and gives the Bulls some verve to attempt a new ATH.
 Indicators:
  • STS resistance line becomes a strong support on the way down #W2.


Wrap:
Bulls eye the 'All time High' after the Golden Cross #D1 - Bears dig in, to hold the ATH near the Week channel top #W1.