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Monday, November 9, 2015

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Middle Muddle - Week 2 of November 2015.











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

Patterns:
  • Bears makes a clean trip from Day Channel's Top to Middle Line (blue), but fail to take out our mark 7919.
Support & Resistance:
  • Last week the Bulls found support near the Day Channel's Middle line #D1Bears used the Pivot line as resistance to send the index down #M1.
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, along with the Histogram, move below zero #M2.

Wrap:

Bulls take support near our second mark 7919 and the Channel Middle #D1. 
Bears almost complete their domination of all 3 screens.





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 7900, S2 of the Monthly Pivot (7707) #M1, is the fallback
  • Immediate 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 stay crossed Bullishly, on the Week charts if this week closes above 7900 #W1.
Indicators:
  • The TRD, peeping above the 50% retrace is the next Bull wish #M2.


Wrap :
Bulls look to fight back to the Day channel top, if they can stay above the middle line (blue) of the Day Channel #D1.
Bears hunt for life below 7707 #M1, and total domination of all screens.