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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 21 Feb'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 21 Feb'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 21 Feb'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- December & January candles formed a 'Bearish Engulfing' #M1.
- The 'High Wave' candle keeps Bull and Bear guessing most of the week - Bulls make a sharp up move at week close #W1.
Support & Resistance:
- Index closes above the February Wall (6076), Bears however defend the weekly 13 SMA #W1. Index is now stuck at the Month Pivot #D1.
Moving Averages:
- The medium term 5 EMA remains in a Bearish Cross with the 13 SMA #W1, even as in the short term these averages cross bullishly #D1.
Indicators:
- STS slips below the Support line shown, which now becomes resistance line for Bulls #W2.
Wrap:
Bulls gain the advantage closing above the Wall - Bears stay in the game defending the higher end of our range - 13 SMA Weekly #W1.
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's close.
- The 'High Wave' Candle on the Week Chart (Study link here, here or elsewhere) #W1 is active..
Support & Resistance:
- 13 SMA Weekly (6190), is immediate resistance for the week, while 5975 (76.4% Fibonacci Retrace of the Dec'2011 Low to ATH' ) #W1 and 200 SMA #D1 remain the current supports.
- Index needs to get unstuck from the Month Pivot #D1.
Moving Averages:
- Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on and steady even as index floats between them #D1.
- A Bullish cross of the 5 EMA and 13 SMA on the Week Charts gives the Bulls reason to celebrate at a Index reading of 6353 #W3.
Indicators:
- STS keeping below its support line, works for the Bears #W1, while the MACD crossing above the zero line, helps the Bulls #D2.
Wrap:
Bulls seek to celebrate at 6353 #W1 - Bears want life below the '76.4% Fibonacci Retrace of the Dec'2011 Low to ATH' (5975) #W1.
