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 - 03 Aug, 2012 |
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 - 03 Aug, 2012. |
Nifty 50: Short Term View (or) Day Chart, line chart of closing Prices (or) EOD Chart:
 |
| CNX Nifty 50 - End of Day (EOD) Chart - 03 Aug, 2012. |
Learning from the Past Week: (click here for the post)
Bulls did not close last month above the previous month's close. The Bullish 'Three outside Up' (1) is not on...
Bulls did however, keep the Bullish 5 EMA -13 SMA cross on the EOM (1) and 50 SMA - 200 SMA on EOD (5)alive.
We see that the index stayed above the 34 EMA - on the EOD, EOW & EOM.
A partial 'Advantage Bulls', gave us a green week.
Looking Forward into the next Week:
Bulls have started the month above the 5 EMA on the EOM (1), EOW (3) & EOD (5).
The resistance on the EOW - one needs to watch - is on the STS (4)
Bears would need to move the index below 5045 (wall) to make an impact.
Staying above the 5191 mark for the month give the Bulls power for August.
As its not completely 'Advantage Bulls' going into August - we still look for confirmation.
The index is resisted by the old EOD channel top and the middle blue line of current channel (5) - a line Bulls need to break to move up.