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Monday, April 11, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Top Stops - Week 2 of April 2016.










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

Patterns:
  • Index dives deeper after being stopped at the top line of the Day Channel, Bears get a bigger red week #D1.
  • March Candle is an 'Opening White Marubozu' #M1.
Support & Resistance:
  • The March Pivot #M1, was support and the Day Channel Top was once again the resistance last week #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, cross Bearishly on the day screen #D1.
Indicators:
  • On the week charts the STS #W1, is just under the 50 mark.

Wrap:
Pullback to Week Channel bottom in progress, Day Channel Top resistance in the way #D1.



Looking Forward into this Week:

Patterns:
  • 'Opening White Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1.
  • Channel Top, is now the resistance on the Day Chart #D1. Channels, worth a study.(Study Links herehere or elsewhere
Support & Resistance:
  • Bulls aim for the resistance at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  and close to the Pullback target #W1.
  • Next Support is the Daily 50 SMA #D1,  Bears would want life under 7367, the 'Fibonacci 61.8% retrace of the 2010 low to the ATH)' to keep current downward traction #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 Bull cause #M2.


Wrap :
Bulls see the Pullback from the Weekly 200 SMA, to the Week Channel Bottom #W1 continuing, once the index sustains above the daily 5 EMA #D1.
Bears seek a deep dive, to below 7367, to take the index to the bottom of the Day Channel #D1.