|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)
- Bulls use the 'Medium Term', Three Outside up to break out #W1.
- Evening star on the Monthly charts in position to form #M1.
- Our mark 7070 - the old Day Channel top - was support for the Bulls last week.
- Index above all the Moving averages that we track.
- STS after bouncing off its Support line to break-out, is back at the line #W2.
- TRD clears the 61.8% Fibonacci retrace #M2.
All screens with the Bulls - Bears retrieve half of Bull gains and retain 'Evening Star' possibility #M1.
Looking Forward into this Week:
- Bears can still trigger a 'Long Term' Evening Star formation, if May candle closes below the range 6704-6712 #M1 (Study links here, here or elsewhere)
- Bulls look to the 'Medium Term', Three Outside up (Study links here, here 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 here, here or elsewhere) followed by the Evening Star Trigger as above : 6704-6712 .
- ATH (7564) is current resistance #M1.
- Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on and steady, even as index is clear above these SMAs #D1.
- TRD Indicator staying above the 61.8% retrace soothes the Bulls #M2.
- STS slipping below its support line and the overbought helps Bears #W2.
Bears see Evening Star formation below 6704-6712 #M1, Bulls look to keep above support line on the STS and make new ATHs #W2.