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Monday, December 28, 2015

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Piercing rewards - Week 5 of December 2015.











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

Patterns:
  • The previous week, the index showed the Bulls a 'Piercing Pattern', last week saw rewards for the Bulls - a green week #W1.
Support & Resistance:
  • Index found support around the week channel bottom #W1, with resistance below the daily 50 SMA #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, stay crossed Bullishly on the Day Chart #D1.
Indicators:
  • On the week charts the STS #W1, continues to dwell in the over sold zone, despite the recent green on the screen.

Wrap:

Bulls take off from support at the Week Channel's bottom and  enjoy the rewards of the Piercing Pattern #W1.
Bears defend the Daily 50 SMA #D1.





Looking Forward into this Week:

Patterns:
  • Piercing Pattern (Study Links herehere or elsewhere) is active on the Medium Term Chart #W1.
  • The Shooting Star, active (Study Links herehere or elsewhere) on the Month Screen #M1, needs attention as we head to the month end.
Support & Resistance:
  • Index has immediate support at the S2 of the Month Pivot #M1. Resistance is at the daily 50 SMA #D1.
Moving Averages: 
Indicators:
  • The STS is in the oversold, a concern for the Bulls #W2.


Wrap :
Bears seek to shoot the index below the Week Channel bottom (green) line #W1.
Bulls aim for life above the daily 50 SMA #D1.