|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 23 May'14|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 23 May'14|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 23 May'14|
Learning from last Week: (click here for the previous post)
- Bulls hold on to gains from the 'Medium Term', Three Outside up #W1.
- Previous week's close - was support for the Bulls last week.
- Day Channel Mid-line was resistance #D1.
- Index above all the Moving averages that we track.
- STS still around its support line but well into the overbought #W2.
- TRD eyes the 76.4% Fibonacci retrace #M2.
All screens with the Bulls - Bears defend the ATH #W1.
Looking Forward into this Week:
- Bulls look to the 'Medium Term', Three Outside up (Study links here, here or elsewhere) for some more gains.
Support & Resistance:
- Support for Bulls remains at 7200.
- ATH (7564) is current resistance that the Bears want to defend #M1.
- Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on and steady, even as index is clear above these SMAs #D1.
- TRD Indicator getting above the 76.4% retrace boon for the Bulls #M2.
- STS slipping below its support line helps Bears #W2.