|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 07 Nov'14|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 07 Nov'14|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 07 Nov'14|
Learning from last Week: (click here for the previous post)
- November candle revives possibility of a Long Term Evening Doji Star#M1.
- Old EOD Channel Top (blue) remained resistance for Bulls last week as studied #D1
- Index was held back by the old EOD channel (Blue) but stayed well above the Daily 5 EMA #D1.
- The critical 5 EMA and 13 SMA on the EOW, stay Bullishly crossed #W1.
- MACD above the zero line, divergence to price apparant #D2.
Bulls dominant across all screens, Bears under pressure 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, November Candle to be watched #M1.
- Old EOD Channel Top (blue) remains the resistance that the Bulls need to break, to go forward #D1.
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 top (blue) and current EOD channel Top (red) #D1..
- STS staying in the overbought, continues to work for the Bulls #W2.
Wrap :Staying above the November Pivot #M1, and making new ATHs are important for the Bulls.
Bears seek to remain in the game by defending the old EOD channel top #D1 and slipping below the November Wall (study).