Learning from last Week: (click here for the previous post)
Patterns:
- The Evening Star formation we studied earlier, gives the Bears yet another red candle #W1- Index leaves behind the Long Term 5 EMA, giving the Bears an entry into the Medium and Long Term Screens #M1.
- Bulls see their long term 'Three Outside Up' (last 4 candles) #M1. threatened by a potential Bearish engulfing (last 2 candles) #M1.
Support & Resistance:
- Bulls failed to hit the March Wall last week and came back from our support, the S2 of the March Pivot to end near the April Wall #M1.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOW, has crossed bearishly last week #W1.
Indicators:
- STS stays below the over bought line #W2.
Wrap:
Bears after defending the Weekly Channel top and following it up with an 'Evening star' - make red weeks all the way to the S2, on the March Pivot #W1.
Bulls manage a close near the April Wall (8343)
Looking Forward into this Week:
Patterns:
- The Evening Star on the Medium Term Screen (Study Links here, here or elsewhere) is active #W1.
- Long Term Charts, see the Three Outside Up (Study Links here, here or elsewhere) threatened by a possible Bearish Engulfing (last 2 candles) #M1.
Support & Resistance:
- Index resistances that the Bulls would want to get above this week, are 8343 (Wall for April 2015) and 8919.
- Support Levels that the Bears want to get below, are the revised day channel's bottom line #D1 and 200 SMA on the Day Charts).
Moving Averages:
Indicators:
- Bulls hope to see the STS, moving back above the overbought line #W2.
Wrap :
