CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 08 April to 12 April, 2013 - Three Outside Down Effect (contd.)

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 12 April'13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 12 April'13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Nov' 2012, onward - as on 12 April'13

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

The Three Outside Down's effect over the week continued even as the Bulls Oscillated around our mark of 5538.
Position of the STS on the EOW, shows the Bull's next possible support #4.

The Bulls almost take the Short Term screen to neutral zone.
Bulls slip below the 13 SMA on the EOM #1.
Price heads towards the 50% Fibonacci retrace of the Jan'12 low to All time high #5.

Price also nears the 76.4% Fibonacci retrace of the 2009 low and All time high #3.

Three Outside Down' Triggered #1 after last month's close and Bulls fight to hold near the 13 SMA - EOM.

Looking Forward into the next Week:

50 SMA and 200 SMA, convergence towards a death cross to be watched #5.

Staying below 5538, the 13 SMA on the Month Charts #1 for the rest of the month, is important for Bears - to continue the fall.

Bullish Cross/deflection of the 5 EMA and 13 SMA to be watched for #5.

Bulls look to get above the 13 SMA on the Month Chart #1.

Support for the coming week is the 50% Fibonacci Retrace of the Jan'12 low to All time high #5.

34 EMA on the Month Chart is next support after that #1.

The Three Outside Down's effect continues, if the Bulls cannot get above 5538 (EOW).