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Monday, October 26, 2015

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Top - Week 4 of October 2015.











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

Patterns:
  • High Wave candle of September has produced a green October, to date #M1.
Support & Resistance:
  • Last week the bulls found support at the daily 5 EMA all week #D1, and at our mark 8224 intra-week. 
  • Take off from 8224, saw the bears bring up resistance precisely at .the Day Channel's red top line #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA cross bullishly, 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 stay in control of the Day and Week screens #D1, #W1. 
Bears manage to stop the index at the Day Channel's red top line #D1.





Looking Forward into this Week:

Patterns:
  • September's High Wave Candle, is worth a study, as this is the last week of October (Study Links herehere or elsewhere#M1.
Support & Resistance:
  • Index has support at 7981. Bulls need to clear 8404, the monthly 13 SMA #M1 to continue upwards.
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 stay crossed Bullishly on the Week charts if this week closes above 7981 #W1.
Indicators:
  • The STS, crossing below its MA, is the first sign of cheer for Bears #W2.


Wrap :
Bulls seek to drive up to and clear 8404, with the momentum in hand #M1.
Bears hope to hold the Day Channel's top and seek life below 7981 #D1.