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Monday, December 21, 2015

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bull Piercing - Week 4 of December 2015.









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

Patterns:
  • The previous week the index hit support at the medium term Channel bottom, last week saw the Bulls celebrate with a green piercing candle #W1.
Support & Resistance:
  • Index found support around the previous week's low, with resistance at the 5 EMA Weekly #W1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, cross Bullishly on the Day Chart #D1.
Indicators:
  • On the week charts the STS #W1, continues to dwell in the over sold zone.

Wrap:

Bulls take support at the Week Channel's bottom and pierce their way back into the Channel #W1.
Bears defend the Weekly 5 EMA #W1.





Looking Forward into this Week:

Patterns:
  • Piercing Pattern (Study Links herehere or elsewhereis active on the Medium Term Chart #W1.
  • Shooting Star, is active (Study Links herehere or elsewhere) on the Long Term Screen #M1 for December.
Support & Resistance:
  • Index has immediate support at the S2 of the Month Pivot #M1. Resistance is at the weekly 50 SMA #W1.
Moving Averages: 
Indicators:
  • The STS is in the oversold, a concern for the Bulls #W2.


Wrap :
Bears want a weekly close, below the Week Channel bottom (green) line #W1.
Using the piercing pattern, Bulls aim for the weekly 50 SMA #W1.