Sunday, July 29, 2012

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 16 July to 20 July, 2012 - Bulls eye Gold..

Nifty 50: Long Term View (or) Month Chart, each candle is 1 month's price action (or) EOM Chart:  
CNX Nifty 50 - End of Month (EOM) Chart - 27 July, 2012

          Above is the Month Chart - EOM -  analyzing Data from 2008 onward.                      

Nifty 50: Medium Term View (or) Week Chart, each candle is 1 week's price action (or) EOW Chart:  
CNX Nifty 50 - End of Week (EOW) Chart - 27 July, 2012.

             Above is the Week Chart - EOW -  analyzing Data from 2010 onward.                        

Nifty 50: Short Term View (or) Day Chart, line chart of closing Prices  (or) EOD Chart:
CNX Nifty 50 - End of Day (EOD) Chart - 27 July, 2012.

              Above is the Day Chart - EOD - analyzing Data from May 2012, onward.                   

Learning from the Past Week: (click here for the post)
Nifty slipped below our Bull mark of 5208 early in the week and closed the week at 5100 - which happens to be the 34 EMA on the EOM.
Index went into a deep dive after breaking below the 34 EMA on the EOD and EOW - that we were watching.
The resistance line on the EOW (4), continues to hold back the Bulls.
Bulls eye GOLD, as the 50 SMA and 200 SMA produce a Golden Cross in the EOD.

Looking Forward into the next Week:
Bulls have to close July above last month's close (1), to make a Bullish 'Three outside up' pattern.
Bulls also need to keep the index above the 5015 mark, to retain the cross of the 5 EMA & 13 SMA as a Bullish one.
Bears would like to take the index below the current wall - 5045.
As watched for the previous week - one sees the 34 EMA on the EOM (1),  EOW (3) and EOD (5) - as the critical levels to monitor.
Advantage Bulls at month close, added to the Golden Cross's effect coming into play, means Bulls get their Gold...