TO READ THIS WEEK's POST CLICK HERE...

Monday, October 24, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Neckline Hold - Week 4 of October 2016.











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

Patterns:

Index closes the week above the neckline of a 'Head and Shoulder' Pattern #DaiyChart1 Link (Click)

Support & Resistance:

New Day Fork's middle Tyne and 50MA were resistances #DayChart1 
Index gets support at the H&S neckline and Day Fork's bottom Tyne #DayChart1.

Moving Averages:
The critical EMA 5, is bearishly below the MA 13 only on the weekly screen #WeekChart1
.

Indicators: 
The STC stays, well above the 76% Fibonacci retrace #
MonthChart2.


Wrap: 
Bears defend the Daily 50MA, Bulls keep above the neckline of the H&S pattern #DayChart1.



  

Looking forward into this Week:


Patterns:

Head & Shoulder pattern is active on the Day chart (Study links herehere or elsewhere) Bears pray the Index crashes below the Day Fork #DayChart1.

Support & Resistance: 
Middle Tyne of the Fork on the Day chart is the first resistance #DayChart1. Neckline of the Head & Shoulder Pattern or  Day Fork's Bottom Tyne are the first Supports (Link).

Moving Averages:
The 50 & 200 MA, are a in a 'Golden Cross' on the Day Screen 
#DayChart1.

Indicators:
The MACD is above its MA and its histogram is above zero #Day
Chart2.


Wrap:
Bears look to break below the H&S neckline, while keeping below the Daily 50MA  #DayChart1.
Bulls want to break the current down trend, by closing above 8808 #DayChart1.