Sunday, January 20, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 14 January to 18 January, 2013 - Channel Tops and Bull Highs..

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 18 Jan '13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 18 Jan '13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Nov' 2012, onward - as on 18 Jan '13

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

Channel top on the EOW - is touched gently by last candle's top #3 even as the Bull come back with a green candle last week.
5 EMA stays above the 13 SMA all last week, on the short term charts #5.
Day channel #5 with the arrows, show us the resistance and supports to watch out for next week.
MACD and Signal lines stay Bearishly crossed #6.
The Short Fuse indicator for Jan'13 shows an uptick #2.

Staying above the 76.4% Fibonacci retrace of the last low (Jan'12) from Nifty's all time high #1 - Bulls are still good for a shot at new Highs.

Looking Forward into the next Week:

Channel top on the EOW, is a major resistance #3 and 6106 is the number to beat here..
The 5 EMA 13 SMA,  bearish cross on the EOD is a signal to watch #5.
Index staying above the 5 EMA on the EOW, is critical for Bulls in the medium term #3.
Action of the MACD vs signal line, is also worth a watch #6.
A recap of the 'Three Outside up'' #1 (click) which started this Bull Charge is a good idea..

Watch if the 5 EMA crosses the 13 SMA Bearishly #5 next week, break of the EOW channel top #3 (6106) is the next Bull task.