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Monday, April 25, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Evening Doji Star - Week 4 of April 2016.











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

Patterns:
  • Last week's Broadening Top, breaks upwards - Weekly candle is a Doji #W1.
Support & Resistance:
  • 13 SMA on the month screen #M1, was resistance while the 200 SMA on the Day screen was support #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, are crossed Bearishly only on the Month Screen #M1.
Indicators:
  • The TRD #M2, is facing resistance at the mid point (50% Fibo).

Wrap:
Pullback to Week Channel bottom almost done, Last week was a stalemate #D1.



Looking Forward into this Week:

Patterns:
  • 'Opening White Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1.
  • Doji on the Week Chart, near the pull back target, can give relief to the Bears if it becomes an Evening Doji Star (Study Links herehere or elsewhere)  #W1.
Support & Resistance:
  • Immediate resistance is the 13 SMA on the Month Screen #M1. Bulls would want to clear 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  #W1.
  • Next Support is the Daily 200 SMA #D1,  Bears would want life under 7367, the 'Fibonacci 61.8% retrace of the 2010 low to the ATH)'  #W1.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
Indicators:
  • The MACD crossing to above its MA and histogram ticking above the zero line, is good for Bulls #D2.


Wrap :
Bulls now want to break above the Week Channel's green bottom line #W1.
Bears would want a throw back to the Day Channel top #D1, with some help from the Evening Doji Star #W1.