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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 22 Nov'13 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 22 Nov'13 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 22 Nov'13 |
Learning from the Past Week: (click here for the previous post)
Patterns:
- Bulls fail to capitalize on the long term 'Three Inside up' #M1 again as bears claim honors for most of November.
Support & Resistance:
- Bulls hold the fall above the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' #D1.
- 5 EMA on EOW (6114) #W1, was support for half the week, before cracking under Bear Pressure like in the previous week.
Moving Averages:
- EOD - 50 SMA and 200 SMA stay crossed bullishly in a Golden Cross #D1.
- Bears take it below the 50 SMA on the EOD before bouncing off the 13 SMA on the EOW #W1.
- STS resistance of the previous weeks is now support #W2.
- Divergence (study) of the TRD to Price from last ATH (Oct 2011) to this ATH (Oct 2013) apparent #M2.
Wrap:
Looking Forward into the next Week:
Patterns:
- Bullish 'Three Inside up' (Study link here, here or elsewhere) on the Long Term Chart still active #M1.
- The 34 EMA on the EOW (5899) is the next support the Bulls would want to remain above - to avoid losing the Medium Term too #D1.
- Week channel top #W1 remains a pretty decent resistance for Bulls.
- Golden Cross (study here, here or elsewhere) 50 & 200 SMA - can give the Bulls some verve to attempt a new ATH.
- Above the 5 EMA on the EOW, #W1 i.e. 6074, Bulls have momentum to attempt another attack on the ATH #W1.
- Bearish cross of the 5 EMA and 13 SMA on the EOW (at 5875) #W1, is the next Bear ask.
- MACD and its MA - crossed bearishly, now look at life below the zero line #D1.
- STS at the resistance line, a strong support on the way down #W2.
Wrap:
Bulls seek life above the 13 SMA on the Week chart - Bears look to take the Medium Term Screen & a weekly close below 5875 #W1.
