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Monday, April 28, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Tenuous 3 Outside up - Week 1 of May 2014.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 25 Apr'14



Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 25 Apr'14



Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 25 Apr'14




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


Patterns:
  • Tenuous Three outside up #W1 continues to be active, as week closes a mere 7 points above 11th April Close - 6776. 
  • Evening star possibility on the Monthly charts remain #M1.
Support & Resistance:
  • The 5 EMA on the short term charts #D1 cracked by Bears. 
Moving Averages:
  • Index sees the short term 5 EMA and 13 SMA deflect Bullishly last week #D1. 
Indicators:
  • MACD and its MA remain crossed bearishly #D2, 
  • TRD hanging around the 61.8% retrace drawn #M2.


Wrap:
Bull hold of short term screen tenuous - Bears eye a evening star possibility by month end #M1.




Looking Forward into this Week:

 

Patterns:
  • Bullish Three outside up ( Study link herehere or elsewhere) active - Bears happy if Index  slips below 6776 (11th April Close) #W1.
  • Bears see a possibility of an Evening Star formation #M1 (Study link herehere or elsewhere)  
Support & Resistance:
  • The support, if 6776 fails, is the Weekly 5 EMA i.e. 6717.
  • EOD Channel top is now resistance for the Bulls #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:
  • TRD Indicator staying above the 61.8% retrace boosts bulls #M2.
  • MACD staying below its MA favors Bears #D2.


Wrap:
Bears hope for a Evening Star starting May #M1Bulls look to keep the weekly Three outside up alive #W1.