|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 12 Dec'14|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 12 Dec'14|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 12 Dec'14|
Learning from last Week: (click here for the previous post)
- Last week's 'Dark Cloud Cover' Candle Pattern gives the Bears a massive break to the 13 SMA on the EOW #W1.
- Last two candles on the EOM screen, form a Bearish Engulfing as of now #M1.
- Resisted near the ATH, index moves all the way down, to take support near the monthly 5 EMA, weekly 13 SMA, daily 50 SMA and the Mid line of the EOD Channel.
- The critical 5 EMA and 13 SMA on the EOD, crosses bearishly last week #D1.
- MACD and its MA stay crossed bearishly and heads for the zero line #D2.
Bulls manage a halt near multiple supports that we track, Bears exploit the Dark Cloud Cover to take control of the short term screen #W1.
Looking Forward into this Week:
- Dark Cloud Cover on the Weekly Charts active (Study Links here, here or elsewhere) #W1.
- Long Term Bearish engulfing in progress, to be watched until month end #M1.
Support & Resistance:
- Index supports that the Bears want to break below, are the Monthly 5 EMA (8110), Weekly 13 SMA (8203) and the R2 of the Month Pivot #M1.
- Resistances that the Bulls want to get above are the 5 EMA on the EOW (8317) #W1 and the Wall for December (8494).
- STS, staying in the overbought for 3 Quarters+ now, reflects Bull domination of the Medium and Long Term Screens #W2.
Wrap :Staying above the blue EOD channel mid line, Bulls aim for the red EOD channel top #D1.
Bears seek to use the Dark Cloud Cover to push the Index below the 5 EMA on the Long Term screen #M1.