TO READ THIS WEEK's POST CLICK HERE...

Monday, August 3, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Mid-Channel S&R - Week 1 of August 2015.















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

 

Patterns:
  • The Index earlier Resisted at the Month Channel's blue middle line #M1, takes Support on the  Week Channel's blue middle line #W1 - last week produces a 'Hanging Man' candle.
Support & Resistance:
  • Index sees Support at the Week Channel's blue middle line #W1, and near the Weekly 50 SMA #W1. Bulls faced Resistance just under the R1 of the month pivot #M1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, is crossed bearishly on the Day Screen #D1.
Indicators:
  • On the Day chart, MACD is below its MA, histogram which is sub-zero, ticks up #D2.

Wrap:

The Index oscillates between the Month Channel's blue middle line #M1, and the Week Channel's blue middle line #W1.





Looking Forward into this Week:


Patterns:
  • 'Hanging Man' candle seen on the Weekly chart is active #W1 (Study Links herehere or elsewhere).
Support & Resistance:
  • Bulls again have support  at the weekly 50 SMA (8343) #W1, Resistance continues to be at the Month Channel's blue middle line #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 couple of months #M2.


Wrap :
Bears look to the 'Hanging Man' to get back below the Wall (click) for August 2015 (8424) and then the Day Channel's bottom-line #D1.
Bulls holding above all the MAs that we track, want life above the current ATH (All Time High).