Learning from last Week: (click here for the previous post)
- Index slips mid week, below 2104, and closes way below this mark, triggering a 3 Inside down, on the weekly charts #W1.
- Bulls have History on their side, for a resumption of the Bull run #M1 & #M3.
Support & Resistance:
- With the ATH made last week, acting as resistance this week, Bulls slide down to find support at the MVWAP 34 on the Day charts #D1, and 13 SMA on the EOW charts #W1.
- The all important, 5 EMA and 13 SMA, on the short term screen, cross Bearishly early in the week aiding the Bears #D1.
- RSI 13 is just about in the 50s #W2.
Bears take the Index below the mark - 2104, early in the week, to trigger a Medium Term 3 inside down #W1.
Bulls find support at critical MAs #D1 & #W1.
Looking forward into this Week:
- 5 EMA on the Weekly charts (2080) is the resistance that Bulls want to first clear, while the Bears would look to break below the Day Channel Bottom and the 200 SMA #D1.
- Bulls hope that the 5 EMA and 13 SMA on the Short Term Charts, would cross Bullishly this week #D1.
- TSI, taking support on the 60.8% Fibonacci retrace, would hold some cheer for the Bulls #M2.
Bulls trust History #M1 &#M3, and the current supports, to get back to the All time High (ATH).