Learning from last Week: (click here for the previous post)
- Ascending Triangle formed with the ATH line and the Day Channel's bottom keeps index hedged in, even as it nudges this line last week #D1.
Support & Resistance:
- Index sees resistance at ATH #M1 & #D1, while support was around the 13 SMA on the EOW #W1.
- The all important, 5 EMA and 13 SMA, on the medium term screen, continue to stay deflected bullishly #W1.
- RSI 13 is back to the 50s now #W2.
Bulls struggle to get above the ATH #D1, while the Bears fail to make a significant lower low - position wise it remains advantage Bulls.
Looking forward into this Week:
- 5 EMA on the EOW (2112) #W1, is the Index Support that Bears want to get below.
- Bulls seek to clear the ATH line and the Day Channel top line, this week #D1.
- Bulls have to close this Week above 2077, to keep the 5 EMA above the 13 SMA on the Weekly Charts #W1.
- TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.
Bears after hedging in the Bulls, hope to close the week below 2077, to get back into the game.