|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 24 Oct'14|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 24 Oct'14|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 24 Oct'14|
Learning from last Week: (click here for the previous post)
- Evening Doji Star happens if index closes below 7964 this month - Bulls finally clear this mark #M1.
- Index Pullback to previous Day Channel bottom is on #D1.
- Index soars after clearing 7912, the October Wall, but halts at the Month Pivot #M1.
- The critical 5 EMA and 13 SMA on the EOW deflect, after the Bulls fight back to close well above our mark of 7900 #W1.
- MACD points up while still below the zero line #D2.
Index clears the October Wall (7912) and Bulls dominate all screens, Bears fight to retain hope of an Evening Doji Star happening, by holding the Bulls at the Month Pivot #M1
Looking Forward into this Week:
- Possibility of a Long Term Evening Doji Star (Study Links here, here or elsewhere), if month's close is below 7964 #M1.
- Price Pullback (Study Links here, here or elsewhere) to Old Day Channel bottom to be watched for follow-up action #D1,
Support & Resistance:
- Index supports that the Bulls want to stay above, are the 5 EMA on the Month Chart #M1 and 7912.
- Bears look to keep the Index below the Month Pivot or better still, aim for sub 7964 #W1.
- STS staying in the overbought, works for the Bulls #W2.
Wrap :Staying above the Month Pivot #M1, and making a new ATH are Priority for the Bulls.
Bears seek to ensure an Evening Doji Star #M1 by closing this week below 7964.