CNX Nifty 50 - Triple Screen 'Technical Analysis' - Dark Cloud Cover - Week 2 of December 2014.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 05 Dec'14

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 05 Dec'14

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 05 Dec'14

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

Patterns:

• Last week's candle forms a 'Dark Cloud Cover' Candle Pattern over the previous week #W1.
• December Candle takes support on the Month Pivot #M1.

Support & Resistance:

• Last week, the Bulls took support on the Month Pivot #M1 (blue line). The index moved slightly (10 points) above the November High resistance, precipitating the 'Dark Cloud Cover' #W1.

Moving Averages: 

• The critical 5 EMA and 13 SMA on the EOD, look to deflect bullishly or cross bearishly this week #D1.

Indicators:

• MACD and its MA cross bearishly #D2.

Wrap:

Bulls slip below the Daily 5 EMA, Bears manage to produce a Dark Cloud Cover #W1.

Looking Forward into this Week:

Patterns:

• Dark Cloud Cover on the Weekly Charts need to be watched for further action (Study Links here, here or elsewhere) #W1.

Support & Resistance:

• Index supports that the Bulls want to stay above, are the Wall for December (8494) and the Month Pivot #M1.
• Resistances that the index needs to take out for more upside, are the ATH and EOD channel top #D1.

Moving Averages: 

• Golden Cross (study here, here 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, to be watched for #D1. 

Indicators:

• STS, staying 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 top #D1.
Bears need to use the Dark Cloud Cover to see the Index below the Wall for December 8494.