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Monday, May 2, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Evening Doji Star Strikes - Week 1 of May 2016.







 



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

Patterns:
  • Last week's Weekly candle, was a red High Wave, it triggers the Evening Doji Star.pattern #W1.
Support & Resistance:
  • 13 SMA on the month screen #M1, was again resistance while the 5 EMA on the Week screen was support  #W1.
Moving Averages: 
  • The critical 5 EMA, is now very close to the 13 SMA, on the Day screen #D1.
Indicators:
  • The TRD #M2, is facing resistance at the mid point (50% Fibonacci).

Wrap:
Pullback to Week Channel bottom almost done, Last week was advantage Bears #W1.



Looking Forward into this Week:

Patterns:
  • 'Evening Doji Star' (Study Links herehere or elsewhere) is active on the Medium Term chart #W1.
  • High Wave candle on the Week Chart, points to indecision (Study Links herehere or elsewhere)  #W1.
Support & Resistance:
  • Bulls would want to clear 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  #W1. Bears would want to see the index get below the red Day Channel Top #D1.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
Indicators:
  • The MACD is below its MA and its histogram ticking at the zero line, this is good news for Bears #D2.


Wrap :
Bulls need to get above 8040 #W1. Bears would want to continue the throw back to the red Day Channel top #D1.