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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 07 Nov'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 07 Nov'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 07 Nov'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- November candle revives possibility of a Long Term Evening Doji Star#M1.
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- Old EOD Channel Top (blue) remained resistance for Bulls last week as studied #D1
- Index was held back by the old EOD channel (Blue) but stayed well above the Daily 5 EMA #D1.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOW, stay Bullishly crossed #W1.
Indicators:
- MACD above the zero line, divergence to price apparant #D2.
Wrap:
Bulls dominant across all screens, Bears under pressure but defend previous channel top #D1
Looking Forward into this Week:
Patterns:
- October candle is a Closing White Marubozu (Study Links here, here or elsewhere), same is now active in the long term, November Candle to be watched #M1.
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- Old EOD Channel Top (blue) remains the resistance that the Bulls need to break, to go forward #D1.
Support & Resistance:
- Index supports that the Bulls want to stay above, are the 5 EMA on the Week Chart #W1 and 8171 (November Wall).
- Bears look to keep the Index below the old EOD channel top (blue) and current EOD channel Top (red) #D1..
Moving Averages:
Indicators:
- STS staying in the overbought, continues to work for the Bulls #W2.
Wrap :
Staying above the November Pivot #M1, and making new ATHs are important for the Bulls.Bears seek to remain in the game by defending the old EOD channel top #D1 and slipping below the November Wall (study).
