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Monday, November 16, 2015

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - High Wave - Week 3 of November 2015.












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

Patterns:
  • Bears slip below the Day Channel's Middle Line (blue), but fail to take out our fallback level 7707.
  • High Wave candle forms on the Medium Term Chart #W1.
Support & Resistance:
  • Last week the Bulls found support near the Month Pivot's S2 #M1Bears used 7900 and the Channel Middle line. as resistance to send the index down #M1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, have crossed bearishly on the Week charts #W1.
Indicators:
  • On the Day chart the  MACD and its MA, along with the Histogram, stay below zero #M2.

Wrap:

Bulls take support near our fallback level 7707 and just below the Channel Middle #D1. 
Bears almost dominate all 3 screens.





Looking Forward into this Week:

Patterns:
  • Shooting Star, is active (Study Links herehere or elsewhere) on the Long Term Screen #M1.
  • High Wave, is active (Study Links herehere or elsewhere) on the Medium Term Screen #W1.
Support & Resistance:
  • Index has immediate support at 7707. Resistance is 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 now Bullishly Converging (needs watching) #D1.
  • The critical 5 EMA and 13 SMA, will cross back Bullishly, on the Week charts if this week closes above 8008 #W1.
Indicators:
  • The TRD, holding above the 38.6% retrace is the next Bull hope #M2.


Wrap :
Holding 7707 for the week, Bulls look to fight back to the Day channel top #D1.
Bears hunt for life below 7707 #M1, and clear domination of all screens.