Saturday, September 8, 2012

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 03 Sept to 07 Sept, 2012 - At Channel Top again !

 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 - 07 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 - 07 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 - 07 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 moved above last week's close to bounce back from the 13 SMA (3) as suggested last week. 
Bears stopped the Bull charge at the Weekly Channel top (3).
5315, our Wall for September is crossed on a weekly basis.
Bulls stay in the EOW channel (3), the STS support (4) holds.
The short fuse oscillator (2) - ticks down for this month's action, to date.

Looking Forward into the next Week:
The support at STS (4) helps the Bulls.
Staying below last week's close  - Bears can look at a retrace from the Channel top.
Index sustaining above the Fibonacci 76.4 %, as marked on the EOW (3) - needed for a real Bull charge.
The 34 EMA (3) on the Week Chart is the next stop for Bears.
The EOW (3) channel top, is the point of contention to watch, failure to crack this, recharges the Bears.
The Wall at 5315 is the critical line, above which the Bulls keep their cake.