Monday, December 1, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Skirmish Line Take-off - Week 1 of December 2014.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 28 Nov'14

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 28 Nov'14

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 28 Nov'14

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

  • Bulls avoid a Long Term Evening Star #M1.
  • Old EOD Channel Top (blue) was again the Skirmish line for Bulls and Bears - Bulls bounce the index on this line, for a Take off, towards the red channel top last week #D1
Support & Resistance:
  • Index yo-yo'd about the old EOD channel top (Blue) and again used the Daily 13 SMA as support last week #D1. R1 on the Monthly Pivot #M1, was resistance broken.
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the EOD, stay Bullishly crossed after the mild deflection of the previous week #D1.
  • MACD and its MA meet again in deflection D2.

Bulls are dominant across all screens, index nearing critical channel tops.
Bears again lose advantage at the skirmish line, but hold below the EOD channel top #D1. 

Looking Forward into this Week:

  • October candle the Closing White Marubozu (Study Links herehere or elsewhere),  produces good results for the Bulls in November #M1.
  • Old EOD Channel Top (blue) is now the support that the Bulls need to stay above, to be able to carry on to the red channel top #D1.
Support & Resistance:
  • Index supports that the Bulls want to stay above, are the Wall for December (8494) and the 13 SMA on the EOD #D1.
  • Bears look to get the Index below the old EOD channel top (blue) #D1.. 
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on - the MA's are still converging #D1.
  • Bearish Cross or Bullish Deflection of the 5 EMA and 13 SMA on the EOD needs to be watched for #D1. 
  • STS has stayed in the overbought for 3 Quarters now, reflects Bull domination of the Medium and Long Term Screens #W2.

Wrap :
Staying above the blue EOD channel top, Bulls aim for the red EOD channel resistance #D1.
Bears want to see the Index below the Wall for December 8494.