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 here, here or elsewhere) is active on the Medium Term Chart #W1.
• Shooting Star, is active (Study Links here, here 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: 

• The Death Cross (50 and 200 SMA) is active D1.

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.