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Monday, November 30, 2015

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Star Verdict - Week 1 of December 2015.












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

Patterns:
  • Bulls take off from the Middle line of the Day Channel #D1.
  • Engulfing action on the medium term chart tuns into a 'Three Outside Up' as studied last week #W1.
Support & Resistance:
  • Last week the Bulls again found support at the Day channel middle #D1Bears halt the index at the Weekly 13 EMA #W1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, cross over Bullishly on the Day Chart #D1.
Indicators:
  • On the Day chart the  MACD and its MA cross bullishly, staying below zero, Histogram ticks plus #M2.

Wrap:

Bulls take support near at the Day Channel middle line #D1. 
Bears lose ground, but defend the weekly 13 SMA #W1.





Looking Forward into this Week:

Patterns:
  • Shooting Star, is active (Study Links herehere or elsewhere) on the Long Term Screen #M1 for December, only if November (on Monday) closes below the October Open (i.e. 7992)
  • 'Three Outside Up' (Study Links herehere or elsewhere) is active on the Medium Term Charts, track its targets, based on the verdict of the above #W1.
Support & Resistance:
  • Index has immediate support at the S2 of the Month Pivot. Resistance is at 8343 the weekly 50 SMA #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 Bullishly, on the Weekly charts, if index closes above 8062 this week #W1.
Indicators:
  • The STS hovers above the oversold, its MA crossing above it, is the Bull ask #W2.


Wrap :
Holding below 7992. Bears plan for life below the Day Channel mid line #D1.
Defending the Day channel mid line #D1, Bulls seek the weekly 50 SMA #W1.