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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 04 Oct'13 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 04 Oct'13 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug' 2013, onward - as on 04 Oct'13 |
Learning from the Past Week: (click here for the previous post)
Patterns:
- August and September Candles form a Bullish Harami - October Candle to-date looks like making it a Bullish 'Three Inside up' (study).
- EOW's 'High Wave' #3 suffers an early demise as the larger time frame bullishness dominates..
Support & Resistance:
- Our Support line at 50 SMA on the EOD holds the Bears early last week #5.
- 5915, the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' #5 foils the Bulls later in 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.
- STS resistance line, seen last week, holds the Bulls #4.
Wrap:
Bears hold the Index just below 5915 (the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high'), the 50 SMA supports the Index Intra-week.
Looking Forward into the next Week:
Patterns:
- The Bullish 'Three Inside Up' (study) forming on the Long Term Chart #1 - worth a watch.
- The 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' (5915) is the resistance for the Index #5.
- 50 SMA is the support for Bulls #5.
- 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 - the number Bulls need to stay above, in Oct'13 is 6003.
- STS resistance which trumped the Bulls last week, worth a watch #4.
Wrap:
Bears need to stay below 5915 to remain in the game. Current Bull run on, if Index remains above the 200 SMA #5.
