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Monday, February 2, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Top (about time) - Week 1 of February 2015.














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



Patterns:
  • Index reaches the Top of the Weekly Channel - we have been waiting on this channel from April 2014 (post) #W1. 
  • Bulls pull index up to  a new ATH in Jan'15, engulfing the Dec'14 candle #M1.
Support & Resistance:
  • Bears get their wish as the Index closes below the 5 EMA on the Day Chart #D1.
  • Bulls return, from the R2 on the Jan 2015 pivot #M1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the EOW, stay crossed Bullishly #D1.
Indicators:
  • STS stays in the over bought #W2.


Wrap:
Bulls after meeting the mark R2 on the January Pivot, fall hard, to below the Daily 5 EMA #M1. 
Bears hold off Index, at the Weekly Channel's Top #W1.




Looking Forward into this Week:


Patterns:
  • Channel Top resistance of the Medium Term Channel, perks up Bear hopes #W1.
  • 'Bullish Engulfing' on the Long Term Charts, becoming a Three Outside Up (Study Links herehere or elsewhere) to be watched for #M1.
Support & Resistance:
  • Index resistances that the Bulls would want to get above this week, are the current ATH (8997) and the Wall for February 8952.
  • Support Levels that the Bears would love to get below, are 8623 (5 EMA on the Weekly Charts) and 8456 (13 SMA on the Weekly Charts).
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on - these MA's are currently steady #D1.
Indicators:
  • STS, staying above the overbought line, demonstrates the Bull domination of the Medium and Long Term Screens #W2.


Wrap :
Staying below the Daily 5 EMA, Bears seek to get stronger and get back some more lost ground.
Bulls look forward to a Three Outside Up triggering, with a February Close above 8809 #M1.