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Monday, June 27, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - High Wave - Week 5 of June 2016.






 




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

Patterns:
Nifty stays below the bottom of the Weekly Channel i.e.  the green bottom line #W1.
Bears smell honey, weekly candle ia a High Wave indicating confusion #W1.

Support & Resistance:
Bottom of the Weekly Channel (green line #W1) was resistance. The weekly 13 SMA was support #W1.

Moving Averages:
The critical 5 EMA, is Bullishly above the 13 SMA, only on the Medium Term screen #W1.

Indicators:
The TRD #M2, is above the mid point (50% Fibonacci).


Wrap:
Index spends second week below the green Medium Term Channel bottom #W1. Bulls hang on to control of the steep day channel #D1.



Looking Forward into this Week:

Patterns: 
After the Pullback to the Weekly Channel bottom (Study Links here, here or elsewhere), Bears manage 2 weeks below the green line, High wave. active on the Weekly Channel (Study Links here, here or elsewhere) #W1.

Support & Resistance:
Resistance is at the daily 5 EMA #D1. Index support that the Bears failed to ger to, last week was the weekly 50 SMA (7858) #W1.

Moving Averages:
A Golden Cross (50 and 200 SMA) is active on the day chart #D1.

Indicators:
The STS staying in the over sold, is power to the Bulls #W2.


Wrap :
Bulls, seek to climb above the green line (8252) and get back into the Weekly Channel #W1.  Bears now plan life below the steep Day Channel  #D1.