Monday, September 22, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Throwback Touch 2 - Week 4 of September 2014.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 19 Sept'14


Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 19 Sept'14


Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 19 Sept'14



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


Patterns:
  • Index makes huge Waves last week as a result of previous High Wave candle pattern #W1.
  • Throwback of Price to old EOD channel's top #D3, sees Index coming back from below to again make an exact touch of the 'red' Channel Top line #D3.
Support & Resistance:
  • Bulls shoot up from support at the 5 EMA, on the EOW on Tuesday last #D1, after bouncing off from near the September Wall (study) #D1
  • Bears fight back to hold the Bulls near the red channel top #D3.
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the EOD meet #D1.
Indicators:
  • MACD & Volume divergence to Price is huge #D2. 
  • TRD  #M1 faces resistance at the 76.4% Fibonacci retrace.

Wrap:
Bulls maneuver a sharp reversal from the September Wall, Bears hold old channel highs #D3.




Looking Forward into this Week:


Patterns:
  • High Wave candle (Study Links herehere or elsewhere) pattern's effect is on #W1.
  • Throwback (Study Links herehere or elsewhere) of Price to old 'EOD channel top' - to be studied #D3.
Support & Resistance:
  • Index support that the bears look to crack, continues to be the 5 EMA on the EOW (8023) #W1.
  • Index  faces resistance at the ATH (8180) #D1. 
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on - the MA's are currently back to converging #D1.
  • The critical 5 EMA and 13 SMA on the EOD poised to cross Bullishly, if index closes above 8108 on Monday this week #D1. 
Indicators:
  • STS slipping below the overbought, will work for the Bears #W1.


Wrap:
Bulls look to gain more altitude with current maneuver staying above 8108 #W1.
Bears look to defend the old channel top #D3 and get back below the 5 EMA #W1.