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| Nifty 50: Long Term View (or) EOM Chart (or) Month Chart - each candle is 1 month's price action |
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| Nifty 50: Medium Term View (or) EOW Chart (or) Week Chart - each candle is 1 week's price action |
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| 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:
- Last week's candle gaps up and creates a Evening Star Possibility #W1.
- Earlier week's 'Above the Stomach' Pattern, gives the Bulls a new ATH #W1.
- Bulls keep above the 5 EMA on the EOD all week #D1.
- Bears defend the EOD channel top after Bulls continue to make new ATHs #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 stopped by 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:
Patterns:
- This Week's Open is critical for Bears who hope for an 'Evening Star' (Study links here, here or elsewhere) #W1.
- The earlier week's 'Above the Stomach' Pattern (Study links here, here or elsewhere) near the Highs, warrant a careful look #W1.
Support & Resistance:
- Support that the Bulls have to defend is the 5 EMA on the EOD (7922 for Monday) #D1.
- Index faces resistance at the EOD channel top line #D1.
Moving Averages:
Indicators:
- STS slipping below the overbought, will work for the Bears #W1.
Wrap:
Bulls look to defend the the 5 EMA on the Day Chart and make new ATHs #D1.Bears seek to defend the EOD channel top #D1.
