Learning from last Week: (click here for the previous post)
- Bulls fail to make a higher high again and close below the channel's bottom line in a repeat performance #D1.
- March and February candles form a Bearish Harami, with April candle showing red - as of now #M1.
Support & Resistance:
- Index found resistance at the Daily MVWAP 34, #D1, while support was at the 5 EMA on the EOM #M1.
- The all important, 5 EMA and 13 SMA, on the medium term screen, stay deflected Bullishly as of last week #W1.
- RSI 13 is still around the 50s #W2.
Index resisted near the Daily MVWAP 34 #D1, takes support at the Long Term 5 EMA #M1.
Looking forward into this Week:
- Day Channel's Bottom Line, is the resistance that Bears want to keep below, this week also.
- Bulls seek to keep above the support at the 5 EMA on the EOM (2052) #M1.
- Above 2049, the 5 EMA and the 13 SMA on the Weekly Charts, would stay deflected Bullishly #W1.
- TSI, support at the 61.8% Fibonacci retrace, would hold some cheer for the Bulls #M2.
Bulls trust History #M1 & #M3 and aim to keep above the 5 EMA on the month chart.