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Monday, February 22, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Harami - Week 4 of February 2016.









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

Patterns:
  • The Index takes off from the Day Channel Bottom #D1, after the fast fall, and makes a Bullish Harami on the Weekly Screen #W1..
Support & Resistance:
  • Index took off from support at the S2 of the Month Pivot  #M1 and was resisted at the S1 of the Month Pivot #M1 and the daily 13 SMA #D1,
Moving Averages: 
  • The critical 5 EMA and 13 SMA, are crossed Bearishly on all screens.
Indicators:
  • On the week charts the STS #W1, remains in the over sold zone.

Wrap:

Support at the the Day Channel Bottom #D1, gives the Bulls a Harami #W1. Bears defend the daily 13 SMA #D1.




Looking Forward into this Week:

Patterns:
  • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1.
  •  'Bullish Harami' (Study Links herehere or elsewhere) is active on the Medium Term Chart,  if it mutates into a 'Three inside up', Bulls celebrate #W1.
Support & Resistance:
  • Bulls need to clear the resistance at the Weekly channel bottom #W1. The support at the 'Fibonacci 50% retrace of the 2011 low to the ATH (6828)'  is what the Bears need to crack #W1.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
Indicators:
  • The TRD closing above the 38.6% Fibo for the month, helps the Bulls #M2.


Wrap :
Bulls hope that the pullback to Week Channel Bottom happens, with a 'Three Inside Up' #W1, #M1.
Bears aim the day channel bottom #D1, and life below 6828.