CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 26 August to 30 August: 2013 - Takuri, Once More..

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 30 Aug'13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 30 Aug'13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Apr' 2013, onward - as on 30 Aug'13

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

Patterns:

• On the Medium Term EOW #3, the 'High Wave' Candle studied few weeks ago, gives the Bears another Takuri Week, after a volatile Month Close.

Support & Resistance:

• The 50% Fibonacci retrace of the 'Jan'12 low to All time high' stands again last week  #5.
• Index after cracking the Day Channel and pulling back to its bottom #5 exactly last week - repeats performance this week too. 
• The 76.4% Fibonacci Retrace of the 2008 Low to the All time High #3 - supports the Weekly close again.

Moving Averages:

• 50 SMA and 200 SMA stay crossed bearishly in a Death Cross #5. 
• 200 SMA on the Medium Term #3 - holds the Index in closing, for the second week running..
• 5 EMA and 13 SMA cross bearishly #1, giving the Bears the Long Term Screen..

Indicators:

• 'Trend Deviation' Indicator #2 on the long term charts show Bulls slipping below the center line for the Month close.
• MACD Histograms diverge positive relative to price again,  MACD and its MA poised for a cross #6.
• STS #4 stays down after diving into the oversold after 18 odd months.

Bears ride the 'High Wave' #3 to a Death Cross #5, get a 700+ point fall and run into the Takuri Line twice...

Looking Forward into the next Week:

Patterns:

• Takuri Line #3 studied last week  is still on...

Support & Resistance:

• The day channel bottom #5 is again the resistance - for the Bulls.
• The 50% Fibonacci retrace of the 'Jan'12 low to All time high' remains support for the Bulls like in last week #5.

Moving Averages:

• 200 SMA and 50 SMA on the Day Charts remaining Bearishly Crossed #5, keeps the Bulls under pressure. 
• 200 SMA on the EOW - to be watched for failure.
• 13 SMA and 5 EMA on the Short Term #5 seem to want a Bullish Cross.

 Indicators:

• STS remaining in the over-sold zone - critical for Bears to retain the Medium Term.

Bulls would love a Golden Cross #5 -  Bears hope to stay below the EOD Channel bottom #5.