CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bulls hold Fort - Week 5 of May 2014.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 23 May'14

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 23 May'14

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 23 May'14

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

Patterns:

• Bulls hold on to gains from the 'Medium Term', Three Outside up #W1. 

Support & Resistance:

• Previous week's close - was support for the Bulls last week.  
• Day Channel Mid-line was resistance #D1.

Moving Averages:

• Index above all the Moving averages that we track. 

Indicators:

• STS still around its support line but well into the overbought #W2. 
• TRD eyes the 76.4% Fibonacci retrace #M2.

Wrap:

All screens with the Bulls - Bears defend the ATH #W1.

Looking Forward into this Week:

 

Patterns:

• Bulls look to the 'Medium Term', Three Outside up (Study links here, here or elsewhere) for some more gains.

Support & Resistance:

• Support for Bulls remains at 7200.
• ATH (7564) is current resistance that the Bears want to defend #M1. 

Moving Averages: 

• Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on and steady, even as index is clear above these SMAs #D1.

Indicators:

• TRD Indicator getting above the 76.4% retrace boon for the Bulls #M2.
• STS slipping below its support line helps Bears #W2.

Wrap:

Bears look to defend the ATH #W1, Bulls look to keep above support line on the STS and clear the ATH #W2.

BSE Sensex - Ichimoku Study - Bull Hold - Week 5 of May 2014.

BSE 30 - End of  Week Chart (EOW) - Analyzing 24 Month's Data - as on 23 May'14

Introduction / Primer to Ichimoku can be read at this link (click). 



Learning from the Earlier Study: (click here for the post)

Bulls keep well above Tenkan Sen and hold on to gains #W2.
Senkou Span A & B - gap steady #W3.
Tenkan Sen and Kijun Sen gap steady after deflection #W2



Wrap: Bulls het back some gains and hold near breakout High #W2.




Looking Forward into this Week:

Chikou Span, keeping current altitude, will meet the price-line, in a few months #W1.
Post the second deflection of Tenkan Sen & Kijun Sen,  bulls good to prevent a bearish cross for another 1000 point fluctuation #W2. 



Wrap: Bears hope is to get the index below the Tenkan sen, Bulls to hold High! #W2.