 |
| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 22 March'13 |
 |
| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 22 March'13 |
 |
| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Nov' 2012, onward - as on 22 March'13 |
Learning from the Past Week: (click here for the post)
We saw the 61.8% Fibonacci retrace of the last low (Jan'12) from Nifty's all time high #1, as support last week.
Price came down to this level and closed exactly at this line last Friday #1, #5a & #5b.
Month Chart shows the last three candles showing a potential 'Three Outside Down.' #1
Position of the STS on the EOW, shows a possible Bull comeback #4.
The 5 EMA moving below the 13 SMA, on the Day Charts, triggered the fall as studied last week #5.
Price lands exactly on the 61.8% Fibonacci retrace of the last low (Jan'12) from Nifty's all time high #1.
Looking Forward into the next Week:
50 SMA and 200 SMA, convergence towards a death cross to be watched #5.
Getting above 5919, 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, to be watched.
The close of this month's candle (this last week) would decide it we have a 'Three Outside Down' on the Long Term Charts #1.
Good enough reason to read it up here, here or elsewhere !
Good enough reason to read it up here, here or elsewhere !
The 61.8% Fibonacci retrace (5650) of the last low (Jan'12) from Nifty's all time high #1, remains support - failure by Bulls to take index above last Month's close (5693) makes it a 'Three Outside Down' - so our resistance is 5693.
