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Monday, April 13, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Mid Life Crisis? - Week 3 of April 2015.














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


Patterns:
  • Bulls clear the Daily 50 SMA #D1, keeping above the Long Term 5 EMA (8534) #M1 and the Index reaches the mid point of the Day Channel #D1.
  • Bears get their Long Term 'Bearish Engulfing' followed by a green April candle - see last three candles #M1
Support & Resistance:
  • Index takes off from the Weekly 5 EMA #W1 all way to the Day channel mid line #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the EOW, remain crossed bearishly #W1.
Indicators:
  • STS stays below the over bought line #W2.


Wrap:
Bears hold the Nifty at the Mid point of the Day Channel #D1.
Bulls make a long green candle #M1 despite a Long Term 'Bearish Engulfing' #M1.




Looking Forward into this Week:



Patterns:
  • A Bearish Engulfing is active on the Long Term Screen (Study Links herehere or elsewhere) #M1. 
  • Above can turn into a Three Outside Down (Study Links herehere or elsewhere) #M1 to be watched for.
Support & Resistance:
  • Index faces resistance at the Daily Channel's mid point #D1 and S1 on the Month Pivot #M1. 
  • Support points available are the weekly 13 SMA (8727) and the April Wall (8343) #W1.
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on - these MA's are currently converging #D1.
Indicators:
  • Bulls look forward to the MACD on the Short term screen moving above the zero mark #D.


Wrap :
Bulls look to get above the Daily Channel's mid point #D1 and head for the ATH.
Bears still hope for an April close below 8491 (the March Close), triggering a long term Three Outside Down #M1.