Friday, April 20, 2012

EOW Technical Analysis, CNX Nifty - 20 April 2012 - Engulfed..

Nifty - End of Week - 20 April  2012 

We concluded our last Intra-week post, with the note (click) that 5285 was important from a weekly perspective because of  a "developing 'Engulfing Candlestick Pattern' - valid above 5285"
We got our close at 5291 and also our "Bullish Engulfing Candle Stick Pattern' as circled above.

Only wish the red candle was a little more engulfed....
Guess the market sometimes gives, but does not give :)

Anyhow one knows that the best continuation for this pattern, is the 'Three Outside Up Candle Stick Pattern"
Guess some weekend reads are in order, in the fond hope that above may fructify.

Bullish Engulfing

Three Outside Up

EOD Technical Analysis, S&P 500 - 19 April 2012 - Bulls on a flat field..

S&P 500 - End of Day - 19 April  2012   
We had an intra-week update couple of days ago (click), where we had observed that, 'the Bulls had caught up'.
We also emphasized that, the field was wide open and that, none of the MAs had crossed above the others.

Index continues to be flat, Bulls just about hold on to some weekly gains.
We are below MVWAP 34 again, short term MAs in bear mode.
The yellow Day channel changes, consequent to price action, to include the last two candles.

MACD Histogram has moved into plus territory.
Based on present position, the last two weekly candles, show a Bullish Harami (with one trading day to go).

Index continues consolidating, one expects the MVWAP34 to be the decider, for a Bull move.
The white weekly channel line, supporting the price, should crack for the advantage to shift to Bears, in the medium term.