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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 28 June'13 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 28 June'13 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Nov' 2012, onward - as on 28 June'13 |
Learning from the Past Week: (click here for the post)
Patterns:
- June month gives us a 'Hanging Man' Candle #1. We earlier studied May's Shooting Star which was profitable for Bears.
- Last week also produces a 'Bullish Engulfing' #3.
Support & Resistance:
- Day Channel perfectly catches the Bears and sends the Bulls to the channel top #5.
- The 61.8% Fibonacci retrace of the 'Jan'12 low to All time high' was support zone #5.
- Week Channel's Middle Blue line was resistance last week #3.
Moving Averages:
- 5 EMA and 13 SMA touch #5.
- 200 SMA on the Day Charts retaken by Bulls #5.
- 13 SMA on the Medium Term - was also resistance last week #3.
Indicators:
- We use the 'Trend Deviation' Indicator #2 on the long term charts from now..
- Volumes are High for the up move #6.
- MACD and its MA converge #6.
Bulls find the support to flip the Nifty from Day channel bottom to channel top #5 in a couple of days..
Looking Forward into the next Week:
Patterns:
- The 'Hanging Man' Candle #1.deserves a study here, here or somewhere else.
- The 'Bullish Engulfing' turning into a 'Three Outside Up' keeps the Bull camp going #3.
Support & Resistance:
- Day Channel top is now resistance to beat for the Bulls #5.
- The 61.8% Fibonacci retrace of the 'Jan'12 low to All time high' is support zone for Bears #5.
Moving Averages:
- 5 EMA and 13 SMA touch for a Bullish Cross or Bearish Deflection #5.
- Keeping above the 200 SMA on the Day Charts good for Bulls #5.
- 13 SMA on the Medium Term - is resistance #3.
- 50 SMA and 200 SMA, convergence towards a death cross to be watched #5.
Indicators:
- 'Trend Deviation' Indicator #2 is in Bull zone for June..
- Volumes remaining High for the up move, good for Bulls #6.
- MACD and its MA poised for a Cross or Deflection from the '-50' zone #6.
Bears now eye the combined effect of the Shooting Star and Hanging Man #1 - Bulls look forward to the potential Three Outside Up #3
