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Monday, June 15, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Death Cross - Week 3 of June 2015.













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

 

Patterns:
  • Bullish Harami on the long term charts produces a long red June candle as of now #M1.
  • Bearish Harami on the Weekly charts become a 'Three inside Down' and gives the Bears some honey #W1.
Support & Resistance:
  • Index breaks support at the Blue middle line of the EOW channel #W1, and takes support at the red Bottom line of the Day Channel #D1.
  • Blue middle line of the EOW channel #W1, resists the Index last week.
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the Monthly charts, gets closer to a Bullish deflection or a Bearish cross off 7878 #W1.
  • The 200 SMA and 50 SMA on the EOD Charts touch for a Bearish Cross #D1.
Indicators:
  • MACD and its MA stay below the zero line as does its Histogram #D2.


Wrap:
Bulls resisted at the Mid-line of the Week Channel takes support at the Bottom of the Day Channel #D1.
Bears look good for a Death Cross #D1..





Looking Forward into this Week:


Patterns:
  • A Bullish Harami (Study Links herehere or elsewhere) #M1 is active on the long term chart. 'Three inside Down'  (Study Links herehere or elsewhere) #W1 is active on the medium term chart. 
Support & Resistance:
  • Bulls face resistance at the 76.4% Fibonacci retrace (8040) 'of the 2011 low to the ATH' #W1.
  • Current support is at the Day Channel's bottom line #D1.
  • Wall for June 2015 is 8321. 
Moving Averages: 
  • Death Cross (study herehere or elsewhere) is active, as long as the 50 SMA stays below the 200 SMA #D1.
Indicators:
  • Bulls hope that the TRD would climb back above the 50% mark this month #M2.


Wrap :
Bulls look to get above the June Wall (8321) after getting above 8040 #D1 .
Bears plan to trigger the Death Cross and hope to close below 7878 #W1.