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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 31 Jan'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 31 Jan'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 31 Jan'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- December & January candles form 'Bearish Engulfing' #M1.
- The EOW #W1 shows a Medium Term 'Three Outside Down' Candle Pattern and its effect.
Support & Resistance:
- Bears staying below the January Wall 6280, for most of the month - used our mark the Weekly 13 SMA (6191) as precise resistance to make a 160 point fall. Support was near the 76.4 % Fibo retrace marked on the EOW screen #W1.
- The medium term 5 EMA close to Bullish deflection or Bearish Cross of the 13 SMA #W1.
Indicators:
- STS stays above resistance line marked, a strong support for Bulls #W2.
Wrap:
Bears take the short term screen - Bulls close the week above the new Wall (6076).
Looking Forward into this Week:
Patterns:
- Bearish 'Three Outside down' (Study link here, here or elsewhere) on the Long Term Chart #M1 is possible, if February closes below January.
- Bearish 'Three Outside down' (Study link here, here or elsewhere) on the Medium Term Chart, #W1 is active.
Support & Resistance:
- 13 SMA Weekly (6187), is now resistance for the Index #W1, while the Wall for the current series 6076 (Wall = Approx Hawala rate, study link here, here or elsewhere) is the current support.
Moving Averages:
- Golden Cross (study here, here or elsewhere) 50 & 200 SMA - can even now give the Bulls verve, to attempt new ATHs.
Indicators:
- STS keeping above its support line, works for the Bulls #W2.
Wrap:
Bulls seek to stay above the Wall and target the 13 SMA #W1 - Bears next need to get below the '76.4% Fibonacci Retrace of the Last Major Low to ATH' (5975) #W1.
