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Monday, March 7, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bingo - Week 2 March 2016.











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

Patterns:
  • Bulls take off from the precise support we studied last week  6828, the 'Fibonacci 50% retrace of the 2011 low to the ATH'  #W1
  • Bears close the week 10 points off the resistance we studied 7494, the 'Fibonacci 76.4% retrace of the 2008 low to the ATH' #M1. 
Support & Resistance:
  • Index kept above support at 6828, the 'Fibonacci 50% retrace of the 2011 low to the ATH'  #W1 and was resisted around the weekly 13 SMA #W1,
Moving Averages: 
  • The critical 5 EMA and 13 SMA, are crossed Bullishly on the Day Screen #D1.
Indicators:
  • On the week charts the STS #W1, hovers just above the over sold zone.

Wrap:

Bulls bounce precisely of  the '50% Fibonacci retrace of the 2011 low to the ATH'  #W1 to make a giant green candle. Bears defend the weekly 13 SMA #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 would like clear the resistance at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)' #W1. 
  • The weekly 5 EMA, 7307 is the support that the bears would want to crack #W1.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
Indicators:
  • The TRD staying above the 38.6% Fibo, for the month, helps the Bulls #M2.


Wrap :
Bulls hope the Pullback from the Weekly 200 SMA, to the Week Channel Bottom #W1, continues.
Bears aim for the day channel bottom #D1, and life below 6828.