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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 19 July'13 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 19 July'13 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Nov' 2012, onward - as on 19 July'13 |
Learning from the Past Week: (click here for the post)
Patterns:
- June's 'Hanging Man' Candle & May's Shooting Star on the Long Term EOM #1 Charts - stay mute.
- On the Medium Term EOW #3, the previous week's 'Three Outside Up' gave the Bulls, another green candle - ends with a possible 'High Wave' Candle.
- Closing the month at these levels - July's candle would 'Bullishly Engulf' the June Candle #M1.
- The 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' supports Index last week #5.
- STS support line #4, acts hold the bulls, for this up move.
- 5 EMA and 13 SMA stay Bullishly crossed #5.
- 5 EMA and 13 SMA in the Medium Term, manage to cross Bullishly after Index clears 6006 #5.
- Index closes above the critical 13 SMA on the Medium Term #3.
- 'Trend Deviation' Indicator #2 on the long term charts show Bulls a pip ahead..
- Volumes pick up - EOD and EOW.
- MACD and its MA clear the zero mark, Histogram ticks down #6.
Bulls use the 'Three Outside Up' #3 to keep it up for their 4th green week..
Looking Forward into the next Week:
Patterns:
- The 'Three Outside Up' #3 may conflict with June's 'Hanging Man' Candle & May's Shooting Star on the EOM #1 as we approach month end with a Possible 'High Wave' Candle #3.
- 'High Wave' Candle Pattern is good for a study here, here or anywhere else.
- Potential Bullish Engulfing on the EOM #1, also on the cards.
- The Day Channel top marked #5 is now resistance - for the Bulls.
- The 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' is support zone for Bears to get below #5.
- If the Index stays above 5939 EOW, the 5 EMA and 13 SMA would stay Bullishly Crossed in the Medium Term #3.
- Keeping above the 200 SMA on the Day Charts good for Bulls #5.
- 50 SMA and 200 SMA, convergence towards a death cross needs watching #5.
- 'Trend Deviation' Indicator #2 remains in Bull zone.
- STS resistance line did and continues to support Bulls for an up move #4.
- High Volume this week together with a 'High Wave' Candle is bad news for Bulls.
Bulls look forward to the Three Outside Up giving some more gains #3 - Bears pray for a High Wave, taking them below 5939.
