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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 14 Dec '12 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 14 Dec '12 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from October 2012, onward - as on 14 Dec '2012 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from October. 2012, onward - as on 14 Dec '2012 |
Learning from the Past Week: (click here for the post)
A Red Week with a candle #3 which just fell short of being a Bearish Engulfing of the previous one..
We looked at the Bulls taking Step 1 for a Three Outside up, by staying above the resistance line on the EOD #5 - Bears ensure that this did not happen.
Another Three Outside up.#1 requirement which we studied last week was that the Nov'12 Close should be held by the Bulls - The week ended exactly at Nov'12 close i.e. 5880 !!
Bulls held the index above 5880 for most of the week - the fall on breach of this level was swift.
The fall came close to touching the 'Wall' for this month at 5825 before moving back to 5880.
The Resistance line drawn on the EOD #5 held off the Bulls and the Bears were sent back near the Wall for the month.
Looking Forward into the next Week:
A 'Three Outside up' on the long term chart #1 combined with a 'Bullish Hikkake' on the EOD #7 - bodes good omens for the bull.
Falling below our Wall for December 5825 however, holds off above advantage.
Bullish Hikkake's effect would be known if 5925 is taken & held by the Bulls in the next two days.
Bearish Cross of the 5 EMA and 13 SMA on EOD is on - a close above 5900 on Monday and it becomes a Bullish Deflection.
Keeping above the Wall at all costs and November's Close are critical for Bulls - Couple of Candles to go on the EOD, to know the fate of the Bullish Hikkake as studied above.
