Learning from last Week: (click here for the previous post)
- Index stays range bound with the range getting tighter with a Lower High and Higher Low #D1.
- March and February candles form a Bearish Harami, with April candle showing green - as of now #M1.
Support & Resistance:
- Index reverses exactly from the resistance line made by the previous Highs #D1, while support was also precisely at the 13 SMA on the EOW #W1.
- The all important, 5 EMA and 13 SMA, on the medium term screen, stay deflected Bullishly again last week #W1.
- RSI 13 is still in the 50s #W2.
Index again makes a lower high on the Day Chart, Bulls still on top #D1.
Looking forward into this Week:
- 5 EMA on the EOW (2081) #W1, is the Index Support that Bears want to get below.
- Bulls look to get out of this consolidation, with a break out above 2112, the last high on the Day Charts #D1.
- If the Index manages to close the week above 2059, the 5 EMA and the 13 SMA on the Weekly Charts, would stay deflected Bullishly #W1.
- TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.
Bulls want to get out of the current consolidation, with a break above 2112 and a push to the ATH #D1.