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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 08 March'13 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 08 March'13 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Nov' 2012, onward - as on 08 March'13 |
Learning from the Past Week: (click here for the post)
We saw the 76.4% Fibonacci retrace of the last low (Jan'12) from Nifty's all time high #1, as resistance and the 61.8% the support, last week.
Price took off from the above support and closed just above the resistance 76.4% Fib #1.
Channel Middle line #3, was the support that the Bears could not beat last week.
Day channel #5, sees the Price taking support at the the channel bottom.
Bouncing from the green bottom line of the EOD channel #5 - Bulls did retake the short term screen.
Position of the STS on the EOW, showed that the Bulls are around for a comeback #4.
Bouncing from the Medium Term Channel's Middle Line #3, price is now at the 50 SMA on the EOD #5.
Looking Forward into the next Week:
Channel Middle (blue) and 34 EMA on the EOW, continues as the new support for Bulls #3.
2 crows pattern that we studied last few weeks, completes its targets.
50 SMA and 200 SMA, convergence towards a death cross to be watched #5.
Keeping above the 76.4% Fibonacci retrace of the last low (Jan'12) from Nifty's all time high #1 - is important for Bulls to get a shot at new Highs.
Support line on the STS #4, worth a watch.
The 76.4% Fibonacci retrace (5919) of the last low (Jan'12) from Nifty's all time high #1, is back as support and the EOW channel top #3 as resistance
