Monday, July 27, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Mid-Channel Retreat - Week 5 of July 2015.

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


  • The Index retreats from the Month Channel's blue middle line #M1, and halts for the week at the daily 13 SMA #D1. Bulls avoid a Dark Cloud Cover (click) on the weekly charts by a whisker #W1.
Support & Resistance:
  • Index sees resistance at the Month Channel's blue middle line #M1 and Bulls took support well above the weekly 5 EMA #W1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, are crossed Bullishly, on all screens #D1.
  • On the Day chart, MACD points down towards its MA, histogram ticks down #D2.

Bulls manage to retain conrtol of all three screens. Bears defend the Month Channel's blue middle line again #M1

Looking Forward into this Week:

  • Month Channel's blue middle line #M1  is active as resistance while the Day Channel's blue middle line #D1, is the first line of support (Study Links herehere or elsewhere).
Support & Resistance:
  • Bulls have support  at the weekly 50 SMA (8343) #W1, and at the Day Channel's blue middle line #D1.
  • Resistance continues to be at the Month Channel's blue middle line #M1 and also at the R2 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 contracting #D1.
  • Bulls hope that the TRD would take off upwards, after settling above the 50% mark last month #M2.

Wrap :
Bears look to get back below the Wall (click) for July 2015 (8398) and then the Day Channel's bottom-line #D1.
Bulls holding on to all three screens, want life above the current ATH (All Time High).