Saturday, September 15, 2012

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 10 Sept to 14 Sept, 2012 - Fibonacci Gains

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

Learning from the Past Week: (click here for the post)
Bulls took off from above the confluence of the Wall (5315) and the Week Channel's top (3) - to reach the Day Channel top(5).
Crossing the Fibonacci 76.4 % with force - helped Bulls run up, to the previous high of this year.
The short fuse oscillator (2) - ticks up once again, displaying this month's action - to date.
Negative Divergence - MACD - persists (6).
STS on EOW (4) nudges the oversold line for the third time this year - lucky 3?.

Looking Forward into the next Week:
The support at STS (4) helps the Bulls. 
Index sustaining above the Fibonacci 76.4 %, as marked on the EOW (3) - would keep the Bull run intact.
A massive Pullback to the Monthly Channel's Green bottom line (1) - is on the cards, if above happens. 
Bears have the EOD Channel top (5) and '-ve' divergence (6) to look forward to.
The EOD channel top resistance (5) gives the Bears, a chance of redemption, with a 'throwback' to EOW channel top (3).