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Monday, March 14, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Pullback Progresses - Week 3 March 2016.













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

Patterns:
  • Bulls take a break with a small green candle #W1, whose body gaps above previous weeks candle.
Support & Resistance:
  • The Daily 5 EMA, was support all week and the Monthly 5 EMA  #M1, was resistance last week.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, poised to cross or deflect on the  Week Screen #W1.
Indicators:
  • On the week charts the STS #W1, climbs above the over sold zone.

Wrap:

index ranges between the Monthly and Daily 5 EMA. Pull Back half way done #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 seek to clear the resistance at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)' #W1. 
  • The weekly 5 EMA, 7374 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 Hope to persist below the Monthly 5 EMA 7578 #M1.