CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bulls use support - Week 2 of July 2014.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 04 July'14

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 04 July'14

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 04 July'14

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

Patterns:

• Post the Doji the previous week, Bulls take the index to a new ATH last week #W1.
• Week makes a White (in our chart its Green) Marubozo candle pattern #W1.

Support & Resistance:

• Month Pivot's R1 was the resistance #D1 last week.  
• Bulls neatly bounce off support at the Green bottom line of the Day channel #D1 and the 5 EMA on the EOW as studied last week #W1.

Moving Averages:

• On EOD, the 5 EMA and 13 SMA, cross Bullishly #D1.  

Indicators:

• STS Pull Back (study) returns at the resistance (earlier support) line, but is still in the overbought zone #W2. 
• TRD gets shy, near the 76.4 % Fibonacci retrace #M2.

Wrap:

Bulls take all screens with a bounce from support #W1 & #D1, while Bears defend the R1 of the Monthly Pivot #D1.

Looking Forward into this Week:

 

Patterns:

• Marubozu on the Medium Term Screen is now active (Study links here, here or elsewhere).

Support & Resistance:

• Support that bears want to reach & crack remains the 5 EMA on the EOW (7545) #W1.
• The Bulls eye life above R1 on the Monthly Pivot#M1.

Moving Averages: 

• 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.

Indicators:

• TRD Indicator keeping below the 76.4% retrace is good for the Bears #M2.
• STS getting above resistance (earlier support) line, helps Bull Cause #W2.

Wrap:

Bears look to again reach and this time break the 5 EMA on the EOW #W1, Bulls seek to get to and stay above the Monthly Pivot's R1, #D1.