Saturday, October 20, 2012

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 15 October to 19 October, 2012. - Bulls Hold on..

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 - 19 October, 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 - 19 October, 2012.
 Above is the Week Chart - EOW -  analyzing Data from Mid 2011 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 - 19 October, 2012.
Above is the Day Chart - EOD - analyzing Data from July 2012, onward. 

Learning from the Past Week: (click here for the post)
Bulls took support at the Blue Center line of the EOD Channel as anticipated (e).
A bearish cross of the 5 EMA and 13 SMA (e) persists in a near Doji Week (c).
The Bearish Three Outside Down is kept at bay by the Bulls, in a - Last Day - Last Hour - squeak through to above the previous week's close (c).
The red Support-Resistance line gave support exactly as expected (d).
Bears fail again, at getting the Index below the 5 EMA on the Week Chart (c).
The short fuse indicator (b) remains turned down, indicating the effect of this month's candle, to-date.
STS in oversold (d) indicates Bull power.
Month candle remains red (a).

Looking Forward into the next Week:

A massive Pullback to the Monthly Channel's Green bottom line (a) - is the still the Bull agenda.
The 5 EMA on the EOD (e) looks ready to cross Bullishly above the 13 SMA.
Gap between the 50 SMA and 200 SMA on the EOD, continues decline.
Using the red support-resistance line on the on the STS (d), for a bounce back would be part of the Bull plan.
Getting the Index below the 5 EMA on the Week Chart (c) is critical for the Bears.
The Blue center line of the EOD channel (e) provides a place for the bulls to bounce back from.
The signal line's interaction with the MACD line (f) is worth a watch over the next week.