Learning from last Week: (click here for the previous post)
- Index falters near the ATH #M1, Bears take it down all the way to the MVWAP35 on the EOD #D1.
- At this Break zone - a Closing Black (here its red) Marubozu forms #W1.
Support & Resistance:
- Index took support at the MVWAP35 on the Day Chart #D1 - it returned near its resistance at the (All Time High) ATH #M1.
- The 5 EMA and 13 SMA, on Weekly Screen is crossed Bullishly - and will stay that way until index closes below 1888 for the week #W1.
- RSI 13, is around the 50% mark #W2.
Bears hold the ATH and send Index below the Daily 200 SMA #D1.Bulls halt the fall near the MVWAP35 #D1. Option of Big 'W' remains open #D1.
Looking forward into this Week:
- 200 SMA on the day chart, is the resistance for the index, that Bears want to stay below. Index Support at the 50 SMA #D1, is what the Bears need to break.
- Death Cross on the EOD, is active as long as the 50 SMA and the 200 SMA stay crossed Bearishly (Study Links here, here or elsewhere) #D1,
- STS slips below the oversold #W2.
Bulls still seek the rewards of the big 'W' pattern #D1, with a breakout from the ATH #M1.
Bears look to dive below 1888 and take the index to the Day Channel bottom #D1.