Monday, November 23, 2015

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - An Engulfing Week - Week 4 of November 2015.

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

  • Bears slip above the Day Channel's Middle Line (blue), after failing to take out our fallback level 7707 once again #D1.
  • High Wave candle on the Medium Term Chart is Engulfed by last week's action #W1.
Support & Resistance:
  • Last week the Bulls again found support near the Month Pivot's S2 (7707) #M1Bears clear the Channel Middle line but stopped at the Weekly 5 EMA #W1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, remain crossed bearishly on all charts.
  • On the Day chart the  MACD and its MA, stay below zero, Histogram tick up #M2.


Bulls take support near our fallback level 7707 and clear the Channel middle line #D1. 
Bears again - almost dominate - all 3 screens.

Looking Forward into this Week:

  • Shooting Star, is active (Study Links herehere or elsewhere) on the Long Term Screen #M1.
  • Engulfing Candle, active on the Medium Term Screen, watch for a 'Three Outside Up' (Study Links herehere or elsewhere#W1.
Support & Resistance:
  • Index has immediate support at 7707. Resistance is again 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, crossing back Bullishly, on the Day charts, to be watched for #D1.
  • 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, with some help from  last week's Engulfing Action #W1.
Bears hunt for life below 7707 #M1, and clear domination of all screens.