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Tuesday, March 18, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - EOW Channel Stop - Week 3 of March 2014.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 14 Mar'14



Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 14 Mar'14



Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 14 Mar'14




Learning from last Week: (click here for the previous post)


Patterns:
  • January and February Candles formed a  'Piercing Pattern' #M1. Bulls make a new high but lost steam.
Support & Resistance:
  • Index failed to clear the EOW channel top #W1 as also the Monthly Pivot's R2 #D1.
  • The 5 EMA on the EOD #D1 was support for Bulls. 
Moving Averages:
  • The medium term 5 EMA stays bullishly crossed above the 13 SMA #W1. 
Indicators:
  • STS breaks above the Support line shown #W2, TRD at the 61.8% retrace drawn #M2.


Wrap:
Bulls manage to retain control of all screens - Bears send back the Index at Weekly channel top #W2.




Looking Forward into this Week:

 

Patterns:
  • Bullish 'Piercing Pattern' (Study link herehere or elsewhere) on the Long Term Chart #M1 is active and has produced new Highs.  
Support & Resistance:
  • The Nov'13 High (6343) #W1, is the current support. 
  • EOW Channel top remains the resistance for the Bulls #W1. Monthly Pivot's R2 also foiled the Bulls last week #D1.
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on and steady, even as index is clear above these SMAs #D1.
Indicators:
  • Resistance at the 61.8% retrace as drawn on the TRD helps bears #M2.



Wrap:
Bears want life below 6343, Bulls look to get some momentum & clear the EOW Channel top #W1.


BSE Sensex - Ichimoku Study - Bulls pause High - Week 3 of March 2014.



BSE 30 - End of  Week Chart (EOW) - Analyzing 12 Month's Data - as on 14 Mar'14



Introduction / Primer to Ichimoku can be read at this link (click). 



Learning from last Week: (click here for previous post)

Bulls slip from All Time Highs (ATH)  #W2.
Senkou Span A & B - gap steady #W3.
Distance between Tenkan Sen and Kijun Sen also steadies #W2
Chikou Span eyes Price line from on High #W1.  


Wrap: Index pauses near ATH
 #W2.




Looking Forward into this Week:


Chikou Span needs to float round present height, to avoid a bearish cross with the Price Line in the next few weeks #W1.
Bears need to get below the Tenkan Sen to remain in the game #W2.
Contracting gap between Tenkan Sen & Kijun Sen, makes a bullish deflection or bearish cross imminent #W2.


Wrap: Bears want life below the Tenkan sen. Bulls were praying for a deflection of  
Tenkan sen and the Kijun Sen #W2.