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Monday, November 2, 2015

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Top Returns - Week 1 of November 2015.










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

Patterns:
  • Day Channel Resistance #D1, gives the Bears a Shooting star by end October #M1.
Support & Resistance:
  • Last week the bulls found support exactly at the 76.4% Fibonacci retrace of the '2011 low' to the 'ATH'  #W1Bears sent the index back neatly, at the Day Channel top as studied #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, remain crossed bullishly, on the Week charts #W1.
Indicators:
  • On the Day chart the  MACD and its MA cross bearishly, Histogram ticks below zero #M2.

Wrap:

Bulls lose control of the Day screen #D1, but hold the fall at the old support, i.e. 8040 #W1. 
Bears send back the index at the Day Channel's red top line and take control of the short term screen #D1.





Looking Forward into this Week:

Patterns:
  • Shooting Star, is active (Study Links herehere or elsewhere) on the Long Term Screen #M1.
Support & Resistance:
  • Index has immediate support at 8040 the 76.4% Fibonacci retrace of the '2011 low' to the 'ATH'  #W1. Bulls need to clear the Day Channel's Top line (red) 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 7919 #W1.
Indicators:
  • The STS, crossing below its MA, is the next Bear ask #W2.


Wrap :
Bulls look to fight back from support and take out the Day Channel top #D1.
Bears hunt for life below 7919 and complete domination of all screens.