|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 10 Jan'14|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 10 Jan'14|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 10 Jan'14|
Learning from last Week: (click here for the previous post)
- November and December candles will set up a Long Term 'Three Outside up' if January closes above December Close #M1.
- The last three candles on the EOW #W1 form a Medium Term 'Three Outside Down' Candle Pattern.
- Bears crack the 13 SMA and 5 EMA on the EOW #W1.
- Bears crash through the 34 EMA, 50 SMA & Channel mid line Support on the EOD, while Bulls were resisted last week by the 13 SMA on the EOD #D1.
- EOD - 50 SMA and 200 SMA start converging for a Death Cross even as they currently stay crossed bullishly in a Golden Cross #D1.
- The medium term 5 EMA threatens to move below the 13 SMA #W1.
- STS stays above resistance line #W2, a strong support for Bulls.
- MACD follows its Histogram into the Sub-Zero zone #D2.
Bulls lose short term screen - Bears close below the Weekly 13 SMA finally #W1.
Looking Forward into this Week:
- Bullish 'Three Outside up' (Study link here, here or elsewhere) on the Long Term Chart #M1 is possible - to be watched for.
- Bearish 'Three Outside down' (Study link here, here or elsewhere) on the Medium Term Chart, #W1 is active.
- 13 SMA EOD, is now this weeks resistance #D1.
- 34 EMA (6009) on the Week Chart #W1 is the Support that the Bulls have to hold, to retain control of the Medium Term.
- Golden Cross (study here, here or elsewhere) 50 & 200 SMA - can even now give the Bulls verve to attempt new ATHs.
- EOW 5 EMA bearishly Crossing below the 13 SMA at 6125 this week would give the Bears their Honey #W1.
- STS keeping above its support line, works for the Bulls #W2.
- Bulls need to get above the Wall for the current series i.e. 6280 (Wall = Approx Hawala rate - study link here, here or elsewhere) to get back into the game.
Bulls seek to clear the Wall and target the ATH - Bears hope to keep below the Wall and break 6125.