Learning from last Week: (click here for the previous post)
Patterns:
- The Top of the Weekly Channel - which we had been waiting on from April 2014 (post) kept the Bulls down last month, Bulls revisited the channel top and returned again, last week #W1.
- Bulls have a long term 'Three Outside Up' in progress (last 4 candles) #M1.
- Bullish effect of the Three Outside Up #M1 Vs. the Channel Top resistance #W1, results in a Doji #W1 & #M1.
- Medium Term Channel Top #W1 was the resistance last week, the 13 SMA on the same chart #W1 was the precise Support.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOD, stay Bullishly crossed #D1.
Indicators:
- STS stays in the over bought #W2.
Wrap:
Bulls make a 3 Outside up and make a new ATH #W1.
Bears defend the Weekly Channel top again #W1.
Bears defend the Weekly Channel top again #W1.
Looking Forward into this Week:
Patterns:
- Channel Top resistance of the Medium Term Channel, important for Bears #W1.
- Long Term Charts, see a Three Outside Up (Study Links here, here or elsewhere) #M1.
- Bullish effect of the Three Outside Up # M1 Vs. the Channel Top's resistance #W1, needs a watch this week, as also the weekly Doji forming a Evening Star (Study Links here, here or elsewhere).
Support & Resistance:
- Index resistances that the Bulls would want to get above this week, are the EOW channel top #W1 and the ATH 9119.
- Support Levels that the Bears want to get below, are 8684 (Wall for March 2015) and 8842 (5 EMA on the Weekly Charts).
Moving Averages:
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 long term '3 outside up' #M1, to make new ATHs while the Bears depend on the medium term Channel top resistance, with maybe an 'Evening Doji Star', to get below the Wall #W1.
