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Monday, May 19, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bulls make break-out ATH - Week 4 of May 2014.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 09 May'14


Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 09 May'14


Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 09 May'14




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


Patterns:
  • Bulls use the 'Medium Term', Three Outside up to break out #W1. 
  • Evening star on the Monthly charts in position to form #M1.
Support & Resistance:
  • Our mark 7070 - the old Day Channel top - was support for the Bulls last week.  
Moving Averages:
  • Index above all the Moving averages that we track
Indicators:
  • STS after bouncing off its Support line to break-out, is back at the line #W2. 
  • TRD clears the 61.8% Fibonacci retrace #M2.


Wrap:
All screens with the Bulls - Bears retrieve half of Bull gains and retain 'Evening Star' possibility #M1.




Looking Forward into this Week:

 

Patterns:
  • Bears can still trigger a 'Long Term'  Evening Star formation, if May candle closes below the range 6704-6712 #M1 (Study links herehere or elsewhere)  
  • Bulls look to the 'Medium Term', Three Outside up (Study links herehere or elsewhere) for more gains.
Support & Resistance:
  • Index support that the Bears look to break is 6841 i.e. the May Wall (Wall = Approx Hawala rate - study link herehere or elsewhere) followed by the Evening Star Trigger as above : 6704-6712 .
  • ATH (7564) is current resistance #M1. 
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 soothes the Bulls #M2.
  • STS slipping below its support line and the overbought helps Bears #W2.


Wrap:


Bears see Evening Star formation below 6704-6712 #M1Bulls look to keep above support line on the STS and make new ATHs #W2.