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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 07 Feb'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 07 Feb'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 07 Feb'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- December & January candles formed a 'Bearish Engulfing' #M1.
- The EOW #W1 shows a Medium Term 'Three Outside Down' Candle Pattern and the resultant gains for the Bears.
Support & Resistance:
- Index breaks below the February Wall (i.e. 6076 - our support) early in the week - Bulls however defend 5975 (76.4% Fibonacci Retrace of the Last Major Low to ATH' ) #W1 to close the week just below the Wall.
- The medium term 5 EMA makes a Bearish Cross of the 13 SMA #W1.
Indicators:
- STS falls to touch the Support line for Bulls #W2.
Wrap:
Bears dominate the short and medium term charts during the week - Bulls regain the short term but fail to make it over the wall (6076) by week close.
Looking Forward into this Week:
Patterns:
- Bearish 'Three Outside down' (Study link here, here or elsewhere) on the Long Term Chart #M1 fails to materialize, if February closes above January.
- Bearish 'Three Outside down' (Study link here, here or elsewhere) on the Medium Term Chart, #W1 is active.
Support & Resistance:
- 13 SMA Weekly (6188), is again resistance for the Index, while 5975 (76.4% Fibonacci Retrace of the Last Major Low to ATH' ) #W1 and 200 SMA #D1 are the current supports.
Moving Averages:
- Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA giving way as the two SMAs start to converge #D1.
Indicators:
- STS keeping above its support line, works for the Bulls as does the MACD Histogram ticking up #W2.
Wrap:
Bulls seek to get 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.
