Nifty 50: Long Term View (or) Month Chart, each candle is 1 month's price action (or) EOM Chart:
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| CNX Nifty 50 - End of Month (EOM) Chart - 13 July, 2012 |
Nifty 50: Medium Term View (or) Week Chart, each candle is 1 week's price action (or) EOW Chart:
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| CNX Nifty 50 - End of Week (EOW) Chart - 13 July, 2012. |
Nifty 50: Short Term View (or) Day Chart, line chart of closing Prices (or) EOD Chart:
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| CNX Nifty 50 - End of Day (EOD) Chart - 13 July, 2012. |
Learning from the Past Week: (click for last post)
As studied last week, we saw the Nifty fall below the 5279 mark, thus putting on hold the bullish 'three outside up'.(1)
Index also slipped below the 5 EMA on the EOD - mid week - to give the Bears the chart.(5).
Distance between the 200 & 50 SMA on the EOD - remained steady at sub 30 points last week - Neutral.
In short, the Bulls did not run on .. they slipped below the black channel top on the EOD and consequently fell hard and the... bears broke in.(5).
Looking Forward into the next Week:
On the EOW (3) and EOM (1), support on the 5 EMA - helps Bulls.
The Volume as indicated on (2) shows decline.
Bulls need to crack the red line resistance at (4) to make an impact next week.
The EOD shows (5) - bearish cross of the 5 EMA and 13 SMA - needs to be watched.
The green channel bottom on the EOD would provide support to Bulls.(5)
As seen on (6), the bearish cross of the MACD lines, shows the effect of Bear action.
Keeping the index above the 5209 mark should give the Bulls a good shot at the red channel top on the EOW.(3)
