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Monday, June 29, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Pinned? - Week 1 of July 2015.












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

 

Patterns:
  • Bullish Harami on the long term chart. produces a red Pin Bar in June with 2 days to go #M1.
  • The weekly charts sees a Opening White Marubozu #W1.
  • Bulls hold off a Bearish H&S on the Day Charts #D1a and #D1b.
Support & Resistance:
  • Bears defend the mid-line of the Day Channel #D1a.
  • Bulls close above the 50 and 200 SMAs #D1a last week.
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the Weekly charts, poised for a Bullish cross or Bearish Deflection at 8494 #W1.
  • Death Cross on the Day Charts (50 & 200 SMA) yet to reward the Bears, these MAs continue to diverge #D1a.
Indicators:
  • On the Medium Term, STS touches the Oversold line and takes support #W2.


Wrap:
Bulls bouncing from support at the Bottom of the Day Channel, clear the June Wall #D1.
Bears defend the Mid-line of the Day Channel #D1a.





Looking Forward into this Week:


Patterns:
  • 'Death Cross' is active on the Day Charts, as the 50 SMA dives under the 200 SMA (study links herehere or elsewhere) #D1.
  • A Bullish Harami (Study Links herehere or elsewhere) #M1 is active on the long term chart. 
  • Effects of a possible Pin Bar candle in June #M1 (Study Links herehere or elsewhere) and the Opening White Marubozu #W1 (Study Links herehere or elsewhere) along with the H&S on the Day Charts #D1 (Study Links herehere or elsewhere) to impact this week's action.
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 continues at the Day Channel's blue middle line #D1 and at 8494 #W1.
  • Wall for July 2015 is 8398. 
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 settle above the 50% mark this month #M2.


Wrap :
Bulls look to close above the Wall (8398) and the Day Channel's mid-line #D1.
Bears plan to use the Death Cross's effect, to get the index below 8040, defending 8494 #W1.