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Monday, March 2, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - 3 Outside up - Week 1 of March 2015.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 28 Feb'15


Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 28 Feb'15


Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 28 Feb'15



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



Patterns:
  • The Top of the Weekly Channel - which we had been waiting on from April 2014 (post) kept the Bulls down last month, Bulls revisiting the channel top #W1. 
  • 'Bullish Engulfing' on the Long Term Charts, becomes a Three Outside Up - see last three candles #M1.
Support & Resistance:
  • Index pulls up with a deflection of the 5 EMA and 13 SMA on the EOD to get above  the January close i.e. 8809 #D1. Wall for February 2015 (8952) was resistance end-week.
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the EOD, deflect Bullishly mid-week at 8778 #D1.
Indicators:
  • STS stays in the over bought #W2.


Wrap:
Bulls make a 3 Outside up #W1
Bears back to defending the previous ATH (All Time High).




Looking Forward into this Week:


Patterns:
  • Channel Top resistance of the Medium Term Channel, important for Bears #W1.
  • Long Term Charts, see a Three Outside Up (Study Links herehere or elsewhere) #M1.
  • Bullish effect of the Three Outside Up # M1 Versus the Channel Top resistance #W1,  worth a watch.
Support & Resistance:
  • Index resistances that the Bulls would want to get above this week, are the EOW channel top #W1 and the ATH 8997.
  • Support Levels that the Bears want to get below, are 8684 (Wall for March 2015) and 8794 (5 EMA 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 :
Bulls look to use the long term '3 outside up' #M1, to make new ATHs while the Bears depend on the medium term Channel top resistance, to get below the Wall #W1.