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Monday, May 23, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Neckline Wave - Week 4 of May 2016.








 




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


Patterns:
  • Last week's candle was a 'High Wave' #W1, this action happened at the Neckline of the Head and Shoulder formation #D1
Support & Resistance:
  • MVWAP34 on the day screen #D1, was the resistance last week the daily 222 SMA was near support.
Moving Averages: 
  • The critical 5 EMA, is bearishly below the 13 SMA, only on the Day Screen #D1.
Indicators: 
  • STS lands at the Over sold #D2.


Wrap:
Bears keep the index below the previous High #W1. Bulls closed the week, above the daily 222 SMA but allowed the formation of a bearish 'Head and Shoulder' on the day screen #D1.



Looking forward into this Week:

Patterns:
  • Morning Star (Study Links herehere or elsewhere), is active on the Month Chart #M1. 
  • Head & Shoulder Pattern (Study Links herehere or elsewhere) on the Day Chart, is active so long as the price stays below the neck line #D1. 
Support & Resistance:
  • Last High (2116) continues to be the resistance to beat. The Daily 222 SMA, is still the support, that Bulls want to stay above #D1.
Moving Averages:
Indicators:
  • TSI is above the 50% mark #M2.


Wrap:
Bulls, look to fade the H&S formation, and make another attempt at making a higher high (2116+), keeping above the neckline of the H&S #D1.
Bears seek to break the index down to below the neckline of the H&S, and then the 222 SMA #D1.



India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Range Break? - Week 4 of May 2016.









  




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

Patterns:

  • Index has ranged this month about the monthly pivot, between the 5 EMA and 13 SMA #M1.
Support & Resistance:
  • 50 SMA on the weekly  screen #W1 was again resistance. The rising channel on the day screen was broken and the daily 50 SMA was support  #D1.
Moving Averages: 
  • The critical 5 EMA, is now bullishly above the 13 SMA, only on the Week screen #W1.
Indicators:
  • The TRD #M2, is facing resistance at the mid point (50% Fibonacci).

Wrap:
Pullback to Week Channel bottom #W1 and Throwback to Day channel top #D1, produces a trading range, Index ranges in it with a downward bias.



Looking Forward into this Week:


Patterns:
  • 'Evening Doji Star' (Study Links herehere or elsewhere) has been active on the Medium Term chart #W1.
Support & Resistance:
  • Resistance is at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  #W1. Support is at the (red) Day Channel Top #D1.
Moving Averages: 
  • A Death Cross (50 and 200 SMA) is active on the day chart, gap between these MAs is reducing, pointing to a possible Golden Cross #D1.
Indicators:
  • The MACD deflecting below and off its MA with its histogram below the zero line, is good for Bears #D2.


Wrap :
Bulls and bears again seek resolution  of the current range as studied.



 

Brent Crude Oil - Ichimoku Weekly Study - Kumo - Week 4 of May 2016.




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



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


Chikou Span clears the Price line with style, nudges the Tenkan Sen #W1.
Index reaches for the Kumo #W2.
Senoku Spans A and B converge #W3.

Wrap:
Chikou Span clears the price line #W1, Index all green #W2.



Looking Forward into this Week:
 


After the bullish Chikou Span Cross, Bulls see resistance at the Kumo #W1. 
Holding the the Chikou Span below the Tenkan Sen, important for Bears #W2.
The Senoku Span 'A' crossing above the 'B' is the next Bull ask #W3.
  
Wrap:
Defending the Kumo is the Bear target #W2.
Keeping the Chikou span above the price line and attacking the Kumo is the Bull task #W2.