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Tuesday, November 1, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Stand Off - Week 1 of November 2016.












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

Patterns:

Index ranges between the neckline of a 'Head and Shoulder' Pattern and the daily 50MA #DaiyChart1 (Chart)

Support & Resistance:

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

Moving Averages:
The critical EMA 5, is bullishly above the MA 13 only on the Month screen #MonthChart1
.

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


Wrap: 
Bears again 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 
Resolution of range between the Day Fork and above the 50MA #DayChart1 determines success of above.

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 and its MA are below 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 after breaking above the 50MA #DayChart1.