CNX Nifty 50 - Triple Screen 'Technical Analysis' - Hanging on above the 13 - Week 1 of December 2013.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 29 Nov'13

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 29 Nov'13

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 29 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 - bears claim honors for November.
• November's candle close to being a Hanging man. 

Support & Resistance:

• Bulls keep Index above the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high'  #D1.
• 13 SMA on EOW #W1, was support, 5 EMA also taken by Bulls.

Moving Averages:

• EOD - 50 SMA and 200 SMA stay crossed bullishly in a Golden Cross #D1. 
• Bulls bounce off the confluence of most of the EMAs that we study on the EOD and also off the 13 SMA on the EOW #W1 as done last week.

Indicators:

• STS resistance of the previous weeks is now exact support #W2.
• Divergence (study) of the TRD to Price from last ATH (Oct 2011) to this ATH (Oct 2013) apparent #M2.

Wrap:

Bulls regain control of the Short Term Screen - Bears again fail at the critical Weekly 13 SMA #W1.

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. 
• Hanging man (study here, here or elsewhere) candle's effect, now influences the above.

Support & Resistance:

• To retain the Short term screen, the confluence of a MAs on the EOD is the support the Bulls would want to stay above #D1.
• Week channel top #W1 remains a pretty decent resistance for Bulls.

Moving Averages: 

• 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, Bulls have momentum to attempt another attack on the ATH #W1.

 Indicators:

• MACD and its MA, now attempting a Bullish cross and deflection off the zero line #D1.

• STS is at the resistance line, which succeeds as a strong support for the Bulls #W2.

Wrap:

Bulls seek to keep clear of the 13 SMA on the Week chart - Bear hope hangs on the Hanging Man candle's effect #M1.