CNX Nifty 50 - Triple Screen 'Technical Analysis' - Evening Star - Week 3 of March 2015.

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

Patterns:

• Previous week's Doji, forms an Evening Star as studied #W1, and Bears slip below the wall. 
• Bulls have a long term 'Three Outside Up' in progress (last 4 candles) #M1.

Support & Resistance:

• 5 EMA on the EOD #D1, was the constant resistance last week.
• For the last candle on the EOW chart, the 13 SMA #W1, was the Support (for the previous candle, support was the 5 EMA on this chart ).

Moving Averages: 

• The critical 5 EMA and 13 SMA on the EOD, cross bearishly very early last week #D1.

Indicators:

• STS stays in the over bought #W2.

Wrap:

Bulls make a 3 Outside up and make a new ATH #M1. 
Bears defend the Weekly Channel top and follow it up with an 'Evening star' #W1.

Looking Forward into this Week:

Patterns:

• Last week's Evening Star on the Medium Term Screen (Study Links here, here or elsewhere) is active #W1.
• Channel Top resistance of the Medium Term Channel Top, works well for Bears #W1.
• Long Term Charts, see a Three Outside Up (Study Links here, here or elsewhere) #M1.

Support & Resistance:

• Index resistances that the Bulls would want to get above this week, are 8684 (Wall for March 2015)  and the medium term 13 SMA (8652).
• Support Levels that the Bears want to get below, are S1 on the Monthly Pivot #M1 and 8555 (5 EMA on the Monthly Charts).

Moving Averages: 

• Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on - these MA's are currently flat #D1.

Indicators:

• STS, staying above the overbought line, demonstrates the Bull domination of the Medium and Long Term Screens #W2.

Wrap :

Bulls look to use the '3 outside up' #M1 on the Monthly charts, to get back above the wall. 
Bears depend on the medium term Channel top resistance, and the 'Evening Doji Star', to stay below the Wall #W1.