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Monday, September 1, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bull Star - Week 1 of September 2014.



Nifty 50: Long Term View (or) EOM Chart (or) Month Chart - each candle is 1 month's price action


Nifty 50: Medium Term View (or) EOW Chart (or) Week Chart - each candle is 1 week's price action


Nifty 50: Short Term View (or) EOD Chart (or) Day Chart - line chart of daily closing Prices



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


Patterns:
  • Last week's candle gaps up and creates a Evening Star Possibility #W1.
  • Earlier week's 'Above the Stomach' Pattern, gives the Bulls a new ATH #W1.
Support & Resistance:
  • Bulls keep above the 5 EMA on the EOD all week #D1
  • Bears defend the EOD channel top after Bulls continue to make new ATHs #M1
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the EOD stay bullishly crossed to give Bulls continued dominance of all screens #D1.
Indicators:
  • MACD and its MA are Bullishly Crossed #D2. 
  • STS stopped by its resistance line - but remains in the over bought #W1.

Wrap:
Bulls dominate all screen and make a new High, Bears defend EOD channel top line #D1.




Looking Forward into this Week:


Patterns:
  • This Week's Open is critical for Bears who hope for an 'Evening Star' (Study links herehere or elsewhere) #W1.
  • The earlier week's 'Above the Stomach' Pattern (Study links herehere or elsewherenear the Highs, warrant a careful look #W1.
Support & Resistance:
  • Support that the Bulls have to defend is the 5 EMA on the EOD (7922 for Monday) #D1.
  • Index  faces resistance at the EOD channel top line #D1. 
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on - however the MA's are converging #D1.
Indicators:
  • STS slipping below the overbought, will work for the Bears #W1.


Wrap:
Bulls look to defend the the 5 EMA on the Day Chart and make new ATHs #D1.
Bears seek to defend the EOD channel top #D1.