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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 20 Dec'13 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 20 Dec'13 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 20 Dec'13 |
Learning from last Week: (click here for the previous post)
Patterns:
- Bulls make the December candle Green in line with the long term 'Three Inside up' #M1.
- November's 'Hanging man influence' #M1 - on hold last week.
- Last three candles on the EOW #W1, show a failed 'Three Outside Down'.
Support & Resistance:
- Bulls again find support around the 13 SMA on the EOW #W1.
Moving Averages:
- EOD - 50 SMA and 200 SMA stay crossed bullishly in a Golden Cross #D1.
- Bulls find support at the confluence of the 34 EMA and 50 SMA on the EOD #D1.
- Bulls yet to dominate the Short Term Screen as the 5 EMA stayed below the 13 SMA, all last week on the Day Chart #D1.
- STS stays above resistance line #W2, which was a strong support for Bulls as expected.
Wrap:
Looking Forward into this Week:
Patterns:
- Bullish 'Three Inside up' (Study link here, here or elsewhere) on the Long Term Chart #M1, still active after producing a new ATH in December.
- Hanging man (study here, here or elsewhere) candle of November, continues to influence the above.
- 34 EMA, 50 SMA and Channel Mid line remain Good Supports #D1.
- Week channel top #W1 remains a pretty decent resistance for Bulls.
- Golden Cross (study here, here or elsewhere) 50 & 200 SMA - can continue to give the Bulls verve to attempt new ATHs.
- Keeping above the 5 EMA on the EOW (6200), #W1, Bulls retain momentum to attempt another attack on the recent ATH #W1.
- STS keeping above its support line, works for the Bulls #W2.
Wrap:
Bulls seek to keep clear above the 13 SMA (EOW) and attempt another attack on the ATH - Bear hope rests on the Hanging man candle of November #M1.
