|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)
- 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.
- 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.
- The critical 5 EMA and 13 SMA on the EOD crossed bullishly #D1.
- MACD shows clear divergence with Price for the 3rd consecutive wave, MACD moves above its MA #D2.
Bulls control all screens and even graze briefly in new Pastures, while Bears defend the EOD Channel Top #D1.
Looking Forward into this Week:
- 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.
- MACD divergence to Price looks good for Bears, while the MACD staying above its MA helps Bull cause #D2.