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Monday, October 10, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Fork Resistances - Week 2 of October 2016.











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

Patterns:

After the 'Evening Star' pattern triggers on the long term screen #MonthChart1, Index faces resistances at the Week and Day forks.#WeekChart1, #Daychart1.

Support & Resistance:
 
Resistance was again at the middle Tyne of the Week Fork #WeekChart1. Support near the 5 EMA on the Month chart #Monthchart1.

Moving Averages:
The critical EMA 5, is bullishly above the MA 13, only on the Month Chart 
#Monthchart1.

Indicators: 
The RSI is near the oversold #Week
Chart2.

Wrap:

After the Evening Star triggers on the Month Chart #MonthChart. Bears move index down and get a red weekly candle  #WeekChart1.




Looking forward into this Week:

Patterns: 

'Evening Star' Pattern (Study Links herehere or elsewhere) is active on the Long term charts #MonthChart1. 

Support & Resistance:
5 EMA on the Month chart is support #MonthChart1. Middle Tyne of the Fork on the Week chart is resistance #WeekChart1.

Moving Averages:
5 EMA on the Month chart i,e, 2141, is the support Bulls want to defend #MonthChart1. 


Indicators:
TSI returns from resistance at the 74% Fibonacci mark #MonthC
hart2.


Wrap:
 
Bulls after allowing an Evening Star #MonthChart1, need a comeback, staying above 2141.
Bears want to keep below the middle Tyne of the Week Fork #WeekChart1 and aim for life below 2141. 



India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Harami - Week 2 of October 2016.









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

Patterns:

Last week's action triggers a "Bullish Harami'  #WeekChart1.

Support & Resistance:

Day Fork's middle Tyne sends back the Bulls #DayChart1 
Index closes just below the 50 MA #DayChart1.

Moving Averages:
The critical EMA 5, bearishly below the MA 13 on all except month screen #MonthChart1
.

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


Wrap: 
Bears close below the 50 MA #DayScreen, Bulls produce a Bullish Harami #WeekChart1.



  

Looking forward into this Week:


Patterns:

Bullish Harami is active on the week charts (Study links herehere or elsewhere)  #WeekChart1. A close above 8698 this week, triggers a 'Three inside up'

Support & Resistance: 
Bottom Tyne of the Fork on the Day chart is the first support #DayChart1. The Middle Tyne of the Week Fork is the resistance.

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

Indicators:
The MACD and its histogram, are below zero #Day
Chart2.


Wrap:
Bears look to stay below the 50 MA and fall below the Day fork #DayChart1.
Bulls want more green with a weekly close above 8698 #Weekchart1.