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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 30 May'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 30 May'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 30 May'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- Bulls engulfed, but hold on to gains from the 'Medium Term', Three Outside up #W1.
- 13 SMA on the EOD #D1, was support for the Bulls even as they closed last week above our support of 7200.
- Day Channel Mid-line was resistance #D1.
Moving Averages:
- On EOD the 5 EMA and 13 SMA, is poised for Bearish Cross or Bullish Deflection #D1.
Indicators:
- STS crashes below its support line, but still in the overbought #W2.
- TRD above the 61.8% Fibonacci retrace #M2.
Wrap:
Bears Engulf Bulls #W1.
Looking Forward into this Week:
Patterns:
- Bulls look to the 'Medium Term', Three Outside up (Study links here, here or elsewhere) for some more gains.
- Bears push for the Bearish Engulfing (Study links here, here or elsewhere) to evolve into a Three outside Down (Study links here, here or elsewhere).
Support & Resistance:
- Support for Bulls is now the 5 EMA on the EOW i.e. 7117.
- 7236 (May Wall) is current resistance, that the Bears want to defend.
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.
- Bearish Cross or Bullish Deflection of the 5 EMA and 13 SMA, up early next week #D1.
Indicators:
- TRD Indicator keeping above the 61.8% retrace is good for the Bulls #M2.
- STS staying below its support line, helps Bears #W2.
Wrap:
