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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 25 Apr'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 25 Apr'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 25 Apr'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- Tenuous Three outside up #W1 continues to be active, as week closes a mere 7 points above 11th April Close - 6776.
- Evening star possibility on the Monthly charts remain #M1.
- The 5 EMA on the short term charts #D1 cracked by Bears.
Moving Averages:
- Index sees the short term 5 EMA and 13 SMA deflect Bullishly last week #D1.
Indicators:
- MACD and its MA remain crossed bearishly #D2,
- TRD hanging around the 61.8% retrace drawn #M2.
Wrap:
Bull hold of short term screen tenuous - Bears eye a evening star possibility by month end #M1.
Looking Forward into this Week:
Patterns:
- Bullish Three outside up ( Study link here, here or elsewhere) active - Bears happy if Index slips below 6776 (11th April Close) #W1.
- Bears see a possibility of an Evening Star formation #M1 (Study link here, here or elsewhere)
Support & Resistance:
- The support, if 6776 fails, is the Weekly 5 EMA i.e. 6717.
- 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 staying below its MA favors Bears #D2.
Wrap:
Bears hope for a Evening Star starting May #M1, Bulls look to keep the weekly Three outside up alive #W1.
