|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 31 Oct'14|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 31 Oct'14|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 31 Oct'14|
Learning from last Week: (click here for the previous post)
- Evening Doji Star fails as Bulls clear 7964 the previous week and make a new ATH last week #M1.
- Index moves all the way from Monthly Pivot to the R2, last week #M1.
- The critical 5 EMA and 13 SMA on the EOW, deflecting the previous week, sets up the Bull charge to a new All Time High (ATH) #W1.
- MACD above the zero line, divergence to price apparant #D2.
Index reaches R2 of the October Pivot as Bulls dominate all screens, Bears lose advantage but defend previous channel top #D1
Looking Forward into this Week:
- October candle is a Closing White Marubozu (Study Links here, here or elsewhere), same is now active in the long term #M1.
Support & Resistance:
- Index supports that the Bulls want to stay above, are the 5 EMA on the Week Chart #W1 and 8171 (November Wall).
- Bears look to keep the Index below the old EOD channel #D1 and aim for sub 8000.
- STS staying in the overbought, continues to work for the Bulls #W2.
Wrap :Staying above the November Pivot, and making new ATHs are Priority for the Bulls.
Bears seek to get back in the game by defending the old EOD channel top #D1.