CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bull Zone :- Week: 16 September to 20 September: 2013.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 20 Sept'13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 20 Sept'13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug' 2013, onward - as on 20 Sept'13

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

Patterns:

• The two Takuri Weeks we had seen here and here - give the Bulls a third 'Green' Weekly candle #3.
• Last candle resembles a 'High Wave' #3.
• Volume for the last candle on the EOW was High.

Support & Resistance:

• 200 SMA on the EOD was the support the Bulls kept tenaciously above, early last week #5. 
• 5915, the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' #5 was the resistance the Bulls cracked in the second half of last week.
• Checkmate for first half of the week - as the Index remained between above levels. Break out in the second half of the week.

Moving Averages:

• EOD - 50 SMA and 200 SMA stay crossed bearishly in a Death Cross #5. 
• EOM - Index stays above the 13 SMA #1, but the 5 EMA and 13 SMA stay Bearishly Crossed - Bearish overhang remains.
• EOW - 5 EMA and 13 SMA cross Bullishly #3. 

Indicators:

• Indicator #2 on the Month charts show Bulls above the mid-point.
• STS approaches overbought #4.
• MACD above the zero line - Histogram tick down #6.

Wrap:
After persisting above the 200 SMA for two weeks, Index breaks into the Bull Zone (above the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high')..

Looking Forward into the next Week:

Patterns:

• The High Wave which appeared near the last peak (see post) produced a deep fall for the Bears .. a revision is good here, here or elsewhere.
• High volume Week with a High Wave candle helps bears.

Support & Resistance:

• Last week's EOD Chart showed the Bulls doing a Throw Back to the Channel Top - this week we see the followup move #5.
• The 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' (5915) is the new support for the Index #5.
• EOD channel top is the next resistance for Bulls #5.

Moving Averages:

• 200 SMA and 50 SMA on the Day Charts remaining Bearishly Crossed #5, keeps the Bulls under pressure. 
• Bear overhang of the Long Term #1, breaks with the 5 EMA and 13 SMA crossing Bullishly - magic number Bulls need to clear in Sept'13 is 6016.

 Indicators:

• MACD remaining above zero #6 - critical for Bulls to stay in the game.

Wrap:

Bears need to get below 5915 to get back in the game. Current Bull run gets stronger if Bulls go & live above 6016.