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Tuesday, April 15, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bulls Hold fort - Week 3 of April 2014.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 11 Mar'14



Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 11 Mar'14



Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 11 Mar'14




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


Patterns:
  • January and February Candles formed a  'Piercing Pattern' #M1. Bulls gain in March and have muted gains in April.
  • Index forms engulfing pattern on weekly charts #W1. Evening star possibility on the Monthly charts #M1.
Support & Resistance:
  • The 5 EMA on the medium term charts #W1 was support for Bulls. 
Moving Averages:
  • Index closes above the short term 5 EMA #D1. 
Indicators:
  • MACD and its MA meet #D2, TRD nudging the 61.8% retrace drawn #M2.


Wrap:
Bulls control all screens - Bears mull evening stars #M1.




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 breakout Highs.  
  • Bullish Engulfing sets up a Three outside up ( Study link herehere or elsewhere) #W1.
  • Bears see a possibility of an Evening Star formation #M1 (Study link herehere or elsewhere)  
Support & Resistance:
  • The current support is the April'14 Wall i.e. 6642 (Wall = Approx Hawala rate - study link herehere or elsewhere)
  • EOD Channel top is now resistance for the Bulls #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:
  • TRD Indicator staying above the 61.8% retrace boosts bulls #M2. MACD sliding below its MA favors Bears #D2.


Wrap:
Bears hope for a Evening star #M1Bulls need to stay above last week's close - to continue the bull run with a 'Three outside up' #W1.




BSE Sensex - Ichimoku Study - Bulls soar after pauses - Week 3 of April 2014.



BSE 30 - End of  Week Chart (EOW) - Analyzing 12 Month's Data - as on 11 Mar'14




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



Learning from the Earlier Study: (click here for the post)

Bulls break-out to new All Time Highs again #W2.
Senkou Span A & B - gap widens #W3.
Distance between Tenkan Sen and Kijun Sen decreases as the broad deflection becomes a touch and go #W2
Chikou Span also makes a new High #W1.  


Wrap: Index soars after pauses, to a new ATHs
 #W2.




Looking Forward into this Week:


Chikou Span keeping current altitude, will keep it away from the price-line, for some time #W1.
Current deflection of Tenkan Sen & Kijun Sen, makes for a bull party #W2. Possibility of a Bearish Cross of these two lines however, keeps the Bulls on the edge.


Wrap: Bears like a cross of the 
Tenkan sen and the Kijun Sen - Bulls see new highs beyond the deflection #W2.