Learning from last Week: (click here for the previous post)
- March and February candles had formed a Bearish Harami, with April candle ending green a Long Term 'Three inside down' is averted by the Bulls #M1.
- Bear resistance at the ATH, sends Index back into the Symmetrical Triangle on the Daily Chart #D1. Bulls manage to close higher than the last low.
Support & Resistance:
- Index again sees resistance near the ATH #M1 & #D1, while support was around the 13 SMA on the EOW #W1.
- The all important, 5 EMA and 13 SMA, on the medium term screen, continue to stay deflected #W1.
- RSI 13 is in the 60s now #W2.
Index again makes a higher low on the Day Chart, Bulls still on top, but back inside the Symmetrical Triangle #D1.
Looking forward into this Week:
- 5 EMA on the EOW (2100) #W1, is the Index Support that Bears want to get below.
- Bulls seek to clear the ATH resistance by a good margin this time around #D1.
- Bulls have to close the week above 2107, to ensure that the 5 EMA and the 13 SMA on the Weekly Charts, do not cross Bearishly #W1.
- TSI, support at the 61.8% Fibonacci retrace, good for the Bulls #M2.
Bears after defending the ATH, hope to close the week below the 2107, to get back into the game.