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Monday, September 28, 2015

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - High Wave Stall - Week 5 of September 2015.











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


Patterns:
  • Index falls by 300 points after the Bull attempt, to clear the mark (76.4% Fibo retrace (8040) shown on the EOW #W1.) stalls around 8020.
  • High wave candle for the week, as Bears come back, settling above the support we studied - the 13 SMA on the EOD #D1.
Support & Resistance:
  • The 76.4% Fibo retrace shown on the EOW  was resistance #W1. The 13 SMA on the EOD was clear support #D1.
  • This month's candle, spans the 76.4% Fibonacci retrace of the '2008 low' to the 'All Time High' (ATH) and the Month Pivot #M1
Moving Averages: 
  • The critical 5 EMA, remains Bullishly crossed above the 13 SMA on the day charts #D1.
Indicators:
  • On the Month chart, TRD now hangs above the Fibonacci 38.2% mark #M2.

Wrap:

Bears fall sharply at the 76.4% Fibonacci retrace of the '2011 low' to the 'All Time High' (ATH) #W1.
Bulls retain control of the Short Term Screen after a comeback from the daily 13 SMA #D1.





Looking Forward into this Week:

Patterns:
  • Bearish H&S pattern reaching target #W1, remains a possibility if the Neckline is held by the Bears (Study Links herehere or elsewhere). 
  • High Wave Candles on the Week and maybe Month Chart needs attention (Study Links herehere or elsewhere).
Support & Resistance:
  • Support is at 7484, the 76.4% Fibonacci retrace of the '2008 low' to the 'ATH'  and resistance continues at 8040, the 76.4% Fibonacci retrace of the '2011 low' to the 'ATH'  #W1.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) is active, these MAs are diverging #D1.
Indicators:
  • The STS, crossing above its MA, is good for Bulls #W2.


Wrap :
Bulls look to hold on to the bullish cross of the 5 EMA & 13 SMA #D1, and break above 8040 #W1
Bears seek life below 7484.