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 here, here or elsewhere) is on #W1.
• The 'Above the Stomach' Pattern (Study links here, here 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 here, here 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.