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Monday, June 9, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - ATH retake - Week 2 of June 2014.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 06 June'14


Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 06 June'14


Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 06 June'14




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


Patterns:
  • Bulls get more gains from the 'Medium Term', Three Outside up #W1. 
  • Bears denied a 'Three outside Down' as Bulls gap up above our mark 7236 with precision on Monday last, to take off to a new ATH.
Support & Resistance:
  • 5 EMA on the EOD #D1, was support for the Bulls.  
  • Day Channel Mid-line was resistance #D1.
Moving Averages:
  • On EOD the 5 EMA and 13 SMA, had a Bullish Deflection #D1.  
Indicators:
  • STS crashes below its support line and Pulls Back (study) to the same, but still in the overbought zone #W2. 
  • TRD nears the 76.4 % Fibonacci retrace #M2.


Wrap:
Bulls control all screens and make new ATH #W1.




Looking Forward into this Week:

 

Patterns:
  • Bulls look to the 'Medium Term', Three Outside up (Study links herehere or elsewhere) for some more gains.
Support & Resistance:
  • Support for Bulls is now the 5 EMA on the EOD - keeping current momentum.
  • 7711 - The Day channel middle line (by week end), is the current resistance - which  the Bears want to defend. 
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 keeping above the 61.8% retrace is good for the Bulls #M2.
  • STS staying below its support line, helps Bears #W2.


Wrap:
Bears look to defend 7711Bulls seek to keep above the 5 EMA on the EOD and maintain current momentum to make new ATHs #W2.