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Monday, March 10, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - ATH Pierced - Week 2 of March 2014.


Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 07 Mar'14


Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 07 Mar'14


Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 07 Mar'14



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


Patterns:
  • January and February Candles formed a  'Piercing Pattern' #M1. Bulls at new high.
Support & Resistance:
  • Index nudging the current EOW channel top (after breaking above the previous top)  #W1 as also the Monthly Pivot's R2 #D1.
  • The Nov'13 High (6343) #W1 becomes the nearest support for Bulls. 
Moving Averages:
  • The medium term 5 EMA is bullishly crossed to above the 13 SMA #W1. 
Indicators:
  • STS breaks above the Support line shown #W2, TRD at the 61.8% retrace drawn #M2.



Wrap:
Bulls keep up momentum to make a new ATH - Bears hold the Index at Weekly channel top resistance #W2.




Looking Forward into this Week:

 

Patterns:
  • Bullish 'Piercing Pattern' (Study link herehere or elsewhere) on the Long Term Chart #M1 is active and has produced a new ATH.  
Support & Resistance:
  • The Nov'13 High (6343) #W1, is the current support. 
  • EOW Channel top is the new resistance for the Bulls #W1. Monthly Pivot's R2 also needs to be negotiated #D1.
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on and steady, even as index is clear above these SMAs #D1.
Indicators:
  • Resistance at the 61.8% retrace as drawn on the TRD helps bears #M2.



Wrap:
Bears want life below 6343, Bulls look to keep up the momentum & clear the EOW Channel top #W1.