Saturday, August 11, 2012

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 06 Aug to 10 August, 2012 - Channel Top

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 - 10 Aug, 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 - 10 Aug, 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 - 10 Aug, 2012.
Above is the Day Chart - EOD - analyzing Data from May 2012, onward.   

Learning from the Past Week: (click here for the post)
Bulls have stayed above the 5 EMA on the EOM (1), EOW (3) & EOD (5).
They broke out of the resistance line, that the Bears put up last week (5).
Index hits the EOW channel top (3), the resistance on the EOW - STS (4) remains
We see that the index stayed above the 34 EMA - on the EOD, EOW & EOM.
Negative Divergence on the MACD (6) is visible. 

Looking Forward into the next Week:
Bulls need to hold 5231, the 5 EMA on the Weekly chart.
Bears would look at going below the Monthly MVWAP34, i.e. 5314.
The Channel resistance on the EOW (3) and the Negative Divergence on the MACD (6), are the Bugs, the Bulls have to Bear, the coming week.
Next stop on overcoming above, is the Fibonacci 76.4% on the EOD.