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Monday, October 12, 2015

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Marubozu - Week 2 of October 2015.










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




Patterns:
  • High wave candle on the Long Term chart,  does the trick - Bulls break out #M1.
  • Marubozo forms on the Week Charts #W1.
Support & Resistance:
  • The 13 SMA on the EOW was resistance while the 5 EMA was support #W1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, poised to cross Bullishly or deflect Bearishly on the Week charts  #W1.
Indicators:
  • On the Day chart the  MACD breaks above the zero line #M2.

Wrap:

Bulls finally successful, at breaking and closing above 8040, the '76.4% Fibonacci retrace of the '2011 low' to the ATH' on the 7th attempt #W1. 
Bears manage to defend the 13 SMA #W1.





Looking Forward into this Week:

Patterns:
  • High Wave Candle on the Month Chart is active (Study Links herehere or elsewhere).
  • Opening White Marubozu Candle on the Week Chart and its implications worth a study (Study Links herehere or elsewhere).
Support & Resistance:
  • Support is now at  at 8040, the 76.4% Fibonacci retrace of the '2011 low' to the 'ATH'  #W1. Resistance at 8494.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) is active, these MAs are now steady #D1.
  • The critical 5 EMA and 13 SMA, are poised to cross Bullishly or deflect Bearishly on the Week charts  at 8494 #W1.
Indicators:
  • The STS, crossing below its MA, is good for Bears #W2.


Wrap :
Bulls seek to strike upwards to 8494, with some help from the Marubozu #W1.
Bears want a resumption of the downtrend and life below 8040 #W1.