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| Nifty 50: Long Term View (or) EOM Chart (or) Month Chart - each candle is 1 month's price action |
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| Nifty 50: Medium Term View (or) EOW Chart (or) Week Chart - each candle is 1 week's price action |
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| Nifty 50: Short Term View (or) EOD Chart (or) Day Chart - line chart of daily closing Prices |
Patterns:
- June month gave us a 'Hanging Man' Candle. We earlier studied May's Shooting Star which was profitable for Bears - these are on the EOM #1 Charts.
- On the Medium Term however, last week's 'Bullish Engulfing' graduates into a 'Three Outside Up' and keeps the Bull camp going, as anticipated #3.
Support & Resistance:
- Revised Day Channel shows Bulls nudging the Channel top #5.
- The 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' was resistance #5.
- STS #4 shows where Bulls got support last week.
Moving Averages:
- 5 EMA and 13 SMA cross Bullishly #5.
- 5 EMA and 13 SMA in the Medium Term poised to cross Bullishly or deflect otherwise #5.
- Index closes below 13 SMA on the Medium Term - last week ALSO #3.
Indicators:
- 'Trend Deviation' Indicator #2 on the long term charts show Bulls a pip ahead..
- Volumes falter #6.
- MACD and its MA cross Bullishly and Histogram ticks positive #6.
Bulls use the 'Three Outside Up' #3 to remain in the Green another week..
Looking Forward into the next Week:
Patterns:
- The 'Bullish Engulfing' which turned into a 'Three Outside Up' can keep the Bull camp going some more #3.
Support & Resistance:
- Revised Day Channel top and the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' are 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 to crack #5.
Moving Averages:
- 5 EMA and 13 SMA approach for a Bullish Cross or Bearish Deflection #3.
- Keeping above the 200 SMA on the Day Charts good for Bulls #5.
- 13 SMA on the Medium Term - needs to be crossed by the Bulls to Progress #3.
- 50 SMA and 200 SMA, convergence towards a death cross to be watched #5.
Indicators:
- 'Trend Deviation' Indicator #2 starts July in Bull zone - to be watched.
- Volumes dipping for the up move, good for Bears #6.
- STS resistance line can support Bulls for an up move #4.
Bears hope the combined effect of the Shooting Star and Hanging Man #1 will kick in soon - Bulls look forward to the Three Outside Up giving some more gains #3
