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Monday, November 10, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bear sTop - Week 2 of November 2014.



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)

Patterns:
  • November candle  revives possibility of a Long Term Evening Doji Star#M1.
  • edited
  • Old EOD Channel Top (blue) remained resistance for Bulls last week as studied #D1
Support & Resistance:
  • Index was held back by the old EOD channel (Blue) but stayed well above the Daily 5 EMA #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the EOW, stay Bullishly crossed #W1.
Indicators:
  • MACD above the zero line, divergence to price apparant #D2.


Wrap:
Bulls dominant across all screens, Bears under pressure but defend previous channel top #D1 




Looking Forward into this Week:


Patterns:
  • October candle is a Closing White Marubozu (Study Links herehere or elsewhere),  same is now active in the long term, November Candle to be watched #M1.
  • edited
  • 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.. 
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on - the MA's are currently back to diverging #D1.
Indicators:
  • 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).