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Monday, July 18, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Three Outside Up rewards - Week 3 of July 2016.






 




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


Patterns:
Bulls shoot up after a 'Three Outside up' #WeeklyChart1 . The Fork on the Day Chart resisted the Index again last week #DailyChart1.

Support & Resistance:
In a repeat of last week, the Bottom Tyne of the Fork on the Day Chart #DailyChart1 was resistance. The Daily 5 EMA was support #DailyChart1.

Moving Averages:
The critical 5 EMA, is Bullishly above the 13 SMA, on all the above screens.

Indicators:
The STC  #MonthlyChart2, is at the 61% Fibonacci retrace.


Wrap:
Bulls profit from the a medium term 'Three Outside Up' #WeeklyChart1.
Bears again defend entry into the fork
#DailyChart1.





Looking Forward into this Week:


Patterns:
'Three Outside up' (Study Links here, here or elsewhere) is active on the Medium Term Screen
#WeeklyChart1. 
 
Support & Resistance:
Resistance is again at the bottom Tyne of the Fork #DailyChart1. Index has first support at the weekly 5 EMA #WeeklyChart1. 


Moving Averages:
A Golden Cross (50 and 200 SMA) is active on the day chart #DailyChart1.

Indicators:
The STS staying in the over sold, is power to the Bulls #WeeklyChart2.


Wrap :
Bulls, aim for the ATH with help from the 'Three outside up' on the Week chart
#WeeklyChart1. 
Bears want to use the resistance at the Fork #DailyChart1 to get below the weekly 5EMA (8330) #WeeklyChart1.