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Monday, December 30, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Advantage Bulls - Week 1 of January 2014.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 27 Dec'13



Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 27 Dec'13



Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 27 Dec'13




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


Patterns:

  • Bulls keep the December candle Green in line with the long term 'Three Inside up' #M1.
  • November's 'Hanging man influence' #M1 - again on hold last week.
Support & Resistance:
  • Bulls stay clear of the 13 SMA on the EOW #W1 and inch towards the ATH.
  • Bull momentum high, as index kept above 5 EMA on the EOD #D1.
Moving Averages:
  • EOD - 50 SMA and 200 SMA stay crossed bullishly in a Golden Cross #D1. 
  • Bulls get the advantage as the short term 5 EMA moves above the 13 SMA #D1. 
Indicators:
  • STS stays above resistance line #W2, a strong support for Bulls. 


Wrap:
Bulls dominate the short term screen - Bears fail at the Daily 5 EMA #D1.




Looking Forward into this Week:


Patterns:

  • Bullish 'Three Inside up' (Study link herehere or elsewhere) on the Long Term Chart #M1, still active after producing a new ATH in December. 
  • Hanging man (study herehere or elsewhere) candle of November #M1, continues to influence the above.
Support & Resistance:
  • 34 EMA, 50 SMA and Channel Mid line remain Good Supports #D1.
  • Week channel top #W1 remains a pretty decent resistance for Bulls.
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) 50 & 200 SMA - can continue to give the Bulls verve to attempt new ATHs.
  • Closing December above November's Open (6290) sets up a mild Bullish Engulfing Pattern - making this number, the one, Bulls would want to hold #M1.
 Indicators:
  • STS keeping above its support line, works for the Bulls #W2.
  • The Nifty Wall for the current series is 6280 (Wall = Approx Hawala rate - study link here, here or elsewhere).


Wrap:

Bulls seek to close December above 6290 and attempt another attack on the ATH - Bears hope to slip below the Wall and avoid being Engulfed  #M1.