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Monday, February 29, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Pullback? - Week 1 March 2016.










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

Patterns:
  • The Bulls fail to convert the Bullish Harami on the Weekly Screen #W1, into a 'Three inside up'.
  • Bulls however, keep hopes of a Pullback alive, by keeping above support at the 200 SMA Weekly (Blue) #W1
Support & Resistance:
  • Index kept above support at the S2 of the Month Pivot  #M1 and was resisted at the weekly 5 EMA #W1,
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:

Bulls keep above the Weekly 200 SMA #W1. Bears defend the weekly 5 EMA #W1.




Looking Forward into this Week:

Patterns:
  • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1.
Support & Resistance:
  • Bulls aim for the resistance at 7494, the 'Fibonacci 76.4% retrace of the 2008 low to the ATH)' #M1. 
  • 6828, the 'Fibonacci 50% retrace of the 2011 low to the ATH)'  is the support that 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 for a Pullback from the Weekly 200 SMA to the Week Channel Bottom #W1.
Bears aim the day channel bottom #D1, and life below 6828.