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| Nifty 50: Long Term View (or) EOM Chart (or) Month Chart - each candle is 1 month's price action |
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| Nifty 50: Medium Term View (or) EOW Chart (or) Week Chart - each candle is 1 week's price action |
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| Nifty 50: Short Term View (or) EOD Chart (or) Day Chart - line chart of daily closing Prices |
Learning from last Week: (click here for the previous post)
Patterns:
- January and February Candles formed a 'Piercing Pattern' #M1. Bulls gain in March but range in April.
- High wave candle last week - Index undecided #W1.
- The 5 EMA on the EOD #D1 was support for Bulls.
Moving Averages:
- Index keeps above the short term 5 EMA #D1.
Indicators:
- MACD and its MA meet #D2, TRD nudging the 61.8% retrace drawn #M2.
Wrap:
Bulls control all screens - Bears manage a High wave #W1.
Looking Forward into this Week:
Patterns:
- Bullish 'Piercing Pattern' (Study link here, here or elsewhere) on the Long Term Chart #M1 is active and has produced a breakout new High.
- High wave candle ( Study link here, here or elsewhere) last week cheers Bears #W1.
Support & Resistance:
- The current support is the April'14 Wall i.e. 6642 (Wall = Approx Hawala rate - study link here, here or elsewhere).
- EOD Channel top is now resistance for the Bulls #D1.
Moving Averages:
- Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on and steady, even as index is clear above these SMAs #D1.
Indicators:
- TRD Indicator staying above the 61.8% retrace boosts bulls #M2. MACD sliding below its MA favors Bears #D2.
Wrap:
Bears cheered by the 'High Wave' #W1, Bulls look to stay above the April Wall (6642) and reach day channel top.
