Monday, August 25, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bulls rock above the wall - Week 4 of August 2014.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 22 Aug'14


Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 22 Aug'14


Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 22 Aug'14





Learning from last Week: (click here for the previous post)


Patterns:
  • Bulls slip Index above the August Wall. July Candle's High Wave effect, keeps the Bulls going #M1. 
  • Weekly 'Above the Stomach' Pattern, also gives the Bulls a boost #W1.
Support & Resistance:
  • Bulls keep above the 5 EMA on the EOD all week #D1
  • Bears defend the EOD channel top after Bulls make a new ATH #M1
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the EOD stay bullishly crossed to give Bulls continued dominance of all screens #D1.
Indicators:
  • MACD and its MA are Bullishly Crossed #D2. 
  • STS below its resistance line - but remains in the over bought #W1.

Wrap:
Bulls dominate all screen and make a new High, Bears defend EOD channel top line #D1.




Looking Forward into this Week:



Patterns:
  • July candle's High Wave effect (Study links herehere or elsewhere) is on #W1.
  • The 'Above the Stomach' Pattern (Study links herehere or elsewhere) near the Highs, warrant a careful look #W1.
Support & Resistance:
  • Bears seek to get &keep  below the R1 of the Month Pivot (7895) #M1.
  • Index  faces resistance at the EOD channel top line #D1. 
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on - however the MA's are converging #D1.
Indicators:
  • STS slipping below the overbought, augers well for the Bears #W1.


Wrap:
Bulls look to defend the R1 of the Month Pivot #M1 and make new ATHs.
Bears look to keep below the EOD channel top #D1.