 |
| Nifty 50: Long Term View (or) EOM Chart (or) Month Chart - each candle is 1 month's price action |
 |
| Nifty 50: Medium Term View (or) EOW Chart (or) Week Chart - each candle is 1 week's price action |
 |
| 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:
- Bulls get more gains from the 'Medium Term', Three Outside up #W1.
- 5 EMA on the EOD #D1, cracked by bears on the last session of the week.
- Confluence of Mid-line (blue) of the Day Channel and R1 of the Monthly Pivot was the critical resistance #D1.
Moving Averages:
- On EOD, the 5 EMA and 13 SMA, stay Bullishy Deflected #D1.
Indicators:
- STS Pull Back (study) falters at the resistance (earlier support) line, but is still in the overbought zone #W2.
- TRD nears the 76.4 % Fibonacci retrace #M2.
Wrap:
Bulls retain control of all screens and make new ATH - Bears force a lower weekly close #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.
Support & Resistance:
- Support that bears want to reach & crack is now the 5 EMA on the EOW (7360) #W1.
- The R1 of the Month Pivot 7650 #D1 remains the resistance that Bulls want to live above.
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 keeping below the 76.4% retrace is good for the Bears #M2.
- STS getting above resistance (earlier support) line, helps Bull Cause #W2.
Wrap:
