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Monday, October 19, 2015

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Doji - Week 3 of October 2015.











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

Patterns:
  • Marubozo on the Week Charts produces a Doji Last week #W1.
Support & Resistance:
  • Bulls came up from below to pip the previous week's High, but closed below it. #W1, Daily 50 SMA was support #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, at touch point, to cross Bullishly or deflect Bearishly on the Week charts  #W1.
Indicators:
  • On the Day chart the  MACD and its MA stay above the zero line, Histogram ticks down #M2.

Wrap:

Bulls come back from below to make a higher close and take control of the Day and Week screens #D1, #W1. 
Bears manage manage a Doji for the Week #W1.





Looking Forward into this Week:

Patterns:
  • High Wave Candle on the Month Chart is active (Study Links herehere or elsewhere).
Support & Resistance:
  • Support continues at  at 8040, the 76.4% Fibonacci retrace of the '2011 low' to the 'ATH'  #W1.Resistance at 8404, the monthly 13 SMA #M1.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) is active, these MAs are now steady #D1.
  • The critical 5 EMA and 13 SMA, will cross Bullishly on the Week charts if this week closes above 8224 #W1.
Indicators:
  • The STS, crossing below its MA, is the first sign of cheer for Bears #W2.


Wrap :
Bulls seek to drive up to 8404, with the momentum in hand #W1.
Bears wish for life below 8224 this week, to help them get below support #W1.