CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bulls on Pasture - Week 5 of July 2014.

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

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

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 25 July'14

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

Patterns:

• Last week's Bullish Harami Pattern turns into a Three Inside Up by a hair thin margin - however the Bulls get a new ATH  #W1.

Support & Resistance:

• Bulls get their grass by reaching the monthly pivot's R1 and making a new ATH as studied, The 5 EMA on the EOD provides support all week #D1.

Moving Averages: 

• The critical 5 EMA and 13 SMA on the EOD crossed bullishly #D1.

Indicators:

• MACD shows clear divergence with Price for the 3rd consecutive wave, MACD moves above its MA #D2. 

Wrap:

Bulls control all screens and even graze briefly in new Pastures, while Bears defend the EOD Channel Top #D1.

Looking Forward into this Week:

 

Patterns:

• Bullish Three Inside Up, formed by a slender 10 point margin (Study links here, here or elsewhere), is active #W1.

Support & Resistance:

• Bears will want to get back below the 5 EMA on the EOW (7641) #W1, while Bulls look to be above R1 on the Month Pivot #D1. 

Moving Averages: 

• Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on - however the MA's rate of climb is decelerating #D1.

Indicators:

• MACD divergence to Price looks good for Bears, while the MACD staying above its MA helps Bull cause #D2.

Wrap:

Bears look to defend the Day Channel Top #D1 and slip below the 5 EMA on the EOW #W1, Bulls seek to be above R1 on the July pivot and make new ATHs #D1.