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Monday, July 13, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Shooting Star - Week 3 of July 2015.














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

 

Patterns:
  • The EOW chart produces a Shooting Star last week #W1.
Support & Resistance:
  • Index closes the week below the July Wall (8398) after Bears defended our marks, the R1 on the Monthly charts and Channel mid-line #M1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the Weekly charts, stay bullishly deflected with a lower meeting point of 8121 #W1.
Indicators:
  • On the Day chart, MACD and its MA meet, histogram ticks down #D2.


Wrap:
Bulls slip below the mid-line of the Day channel #D1, after resistance at the monthly R1 #M1Bears get index below the Wall (8398).





Looking Forward into this Week:


Patterns:
  • A shooting star on the Weekly Charts #W1, is active (Study Links herehere or elsewhere).
Support & Resistance:
  • Bulls have support  at the weekly 50 SMA (8333) #W1, and at 8121 #W1.
  • Resistance continues to be at the Month Channel's blue middle line #M1 and R1 of the Month Pivot #M1.
Moving Averages: 
  • The Death Cross is active as long as the 50 SMA stays below the 200 SMA - gap between these MAs, is currently flat #D1.
Indicators:
  • Bulls hope that the TRD would take off upwards, after settling above the 50% mark last month #M2.


Wrap :
Bulls look to get back above the Wall (click) for July 2015 (8398) and the Day Channel's mid-line #D1.
Bears plan to use the shooting star's help, to get the index below 8121.