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Monday, February 8, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Fibonacci Support - Week 2 of February 2016.









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

Patterns:
  • The Bullish 'Morning Star' #W1, on the Medium Term Screen and the Bearish 'Opening Black Marubozu' #M1, on the Long Term Screen result in a volatile Week. 
Support & Resistance:
  • Index was resisted at the Monthly Pivot #M1, Index took precise support at the 'Fibonacci 61.8% retrace of the 2010 low to the ATH'  #W1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, are still crossed Bullishly on the Day Screen #D1.
Indicators:
  • On the week charts the STS #W1, is in the over sold zone.

Wrap:

Bulls and Bears cover the same area as the previous week, keeping above support and make an 'Opening Black Marubozu' #W1, on the Medium Term Screen.




Looking Forward into this Week:

Patterns:
  • A Morning Star Pattern (Study Links herehere or elsewhere) is active on the Medium Term charts #W1.
  • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1 and Medium Term Chart #W1.
Support & Resistance:
  • Index has resistance at the Weekly channel bottom (Pullback) #W1. Support is way below at the Day Channel Bottom #D1.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) has been active for the past 6 months #D1.
Indicators:
  • The MACD deflects above its MA, histogram keeps above the zero line #D2.


Wrap :
Bulls hope that the pullback to Week Channel Bottom continues, with help from the 'Morning Star Pattern' #W1.
Bears aim for the day channel bottom, assisted by the 'Opening Black Marubozu' on the Long and Medium term screens #M1.