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Monday, June 22, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Action - Week 4 of June 2015.















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

 

Patterns:
  • Bullish Harami on the long term chart. produces a red June candle as of now #M1.
  • The bearish 'Three inside Down' on the weekly charts gives way to the Bulls #W1.
  • Death Cross on the Day Charts yet to reward the Bears #D1.
Support & Resistance:
  • Index bounces off neatly from support at the red Bottom line of the Day Channel #D1.
  • Bears manage to defend the weekly 50 SMA #W1 last week.
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the Daily charts, makes a Bullish cross #W1.
Indicators:
  • MACD crosses its MA, both stay below the zero line, its Histogram ticks above zero #D2.


Wrap:
Bulls bounce from support at the Bottom of the Day Channel #D1.
Bears get a Death Cross, and defend the 50 SMA on the medium term chart #W1..





Looking Forward into this Week:


Patterns:
  • 'Death Cross' is active on the Day Charts, as the 50 SMA dives under the 200 SMA (study herehere or elsewhere) #D1.
  • A Bullish Harami (Study Links herehere or elsewhere) #M1 is active on the long term chart. 
Support & Resistance:
  • Bulls have support  at the Day Channel's bottom line #D1, and at the 76.4% Fibonacci retrace (8040) 'of the 2011 low to the ATH' #W1.
  • Resistance is expected at the Day Channel's blue middle line #D1 and the 50 SMA on the Day and Week (8288) charts  #W1.
  • Wall for June 2015 is 8321. 
Moving Averages: 
  • The Death Cross is active as long as the 50 SMA stays below the 200 SMA #D1 - gap between these MAs, is currently increasing.
Indicators:
  • Bulls hope that the TRD would continue to climb, to settle above the 50% mark this month #M2.


Wrap :
Bulls look to get above the June Wall (8321) after clearing the 50 SMAs - #W1 & #D1.
Bears plan to use the Death Cross's effect, to get the index below 8040 #W1.