Sunday, November 18, 2012

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 12 November to 16 November, 2012 - Bears Score some more

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 - 16 November, 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 - 16 November, 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 - 16 November, 2012
Above is the Day Chart - EOD - analyzing Data from July 2012, onward. 

Learning from the Past Week: (click here for the post)

The signal line action vis-à-vis the MACD line was a deflect #6, giving the bears a good run.
The 13 SMA on the EOW #3, supported the Bulls.
The 5 EMA on the Day chart #5 - moved into the  13 SMA for a bearish cross as anticipated. 
The short fuse indicator #2, stays up even with the Nov candle's going red.
STS holding in the oversold zone as a measure of Bull strength to come
EOD chart shows the two channels #5 which hold the Price for now.

Looking Forward into the next Week:

The two channels shown on the EOD #5 - currently keep away the complete breakdown for Bulls in the Short term - holding above these channel bottom lines, would mean a resumption of the up move.
Failure to keep above the 13 SMA on the Week chart #3, STS breaking below the Bull line #4 - would be early indicators that the Bears mean Business.
The 5 EMA and 13 SMA have crisscrossed each other 5-6 times in the past few weeks - a Bullish Cross next week or the lack of one, would measure the resolve of the Bulls.