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Monday, January 18, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Bottom action - Week 3 of January 2016.











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

Patterns:
  • Bears start the week and stay, below the Weekly Channel bottom, making an inverted Hammer #W1.
  • Bears use the 'Three White Soilders' pattern to good effect #W1.
Support & Resistance:
  • Index closed below the 76.4% retrace of the 2008 low to the ATH #M1, on the last day of the week, support was S2 of the Month pivot. Resistance was at the daily 5 EMA #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, stay deflected bearishly on the Week Chart #W1.
Indicators:
  • On the week charts the STS #W1, is in the over sold zone.

Wrap:

Bulls fail to rise above the daily 5 EMA #D1.
Bears crash the index trough the Weekly Channel Bottom #W1, with an active 'Three White Soilders' pattern in play #/W1.





Looking Forward into this Week:

Patterns:
  • 'Three White Soilders' pattern (Study Links herehere or elsewhere) is active on the Medium Term Chart #W1.
  • The Last candle on the week chart is an Inverted Hammer (Study Links herehere or elsewhere) whose body shows a clear gap down #W1,
Support & Resistance:
  • Index has immediate resistance at 7494 the 76.4% retrace of the 2008 low to the ATH #M1 and then at the Weekly Channel bottom #W1.
  • Support is S2 of the Month pivot and  later at the Daily Channel bottom #D1.
Moving Averages: 
Indicators:
  • The MACD is below the zero line #D2.


Wrap :
Bulls pray for a pullback to Week Channel Bottom #W1.
Bears hope to break below the day channel bottom #D1.


Brent Crude Oil - Ichimoku Study - Pause? - Week 3 of January 2016.






Introduction / Primer to Ichimoku can be read at this link (click). 


Learning from the Earlier Study: 
(click here for the previous post)

Bulls fold again with another long red candle, bears make a lower low #W2.

Gap between the Senkou Span A & B, increases #W3.
Gap between Tenkan Sen and Kijun Sen, steady #W2.

Wrap: 

Index dives again below the Tenkan Sen and makes aother lower low.



Looking Forward into this Week:


Chikou Span is a long way from the price line  #W2.

Senkou Span A & B  crossing or deflecting helps the Bull or Bear Causes respectively #W3.
A pause to let the Tenkan Sen catch up is the next event favoring the Bulls #W2.


Wrap:

Bears look to keep the index below the Tenkan Sen, and make some lower lows #W2.
An oversold bounce or a bullish cross of the Tenkan Sen #W2, is the next Bull hope.