- After bouncing from the Day channel's bottom - Bulls fail to make a higher high and slide right back, and is now below the channel's bottom line #D1.
- This month's candle is forms a Bearish Harami, with the previous month's candle - as of now #M1. Last two candles on the EOW already form a Bearish Harami #W1.
Support & Resistance:
- Index found resistance at the ATH, while support was at the 5 EMA on the EOM #M1.
Moving Averages:
- The all important, 5 EMA and 13 SMA, on the medium term screen, stay deflected Bullishly as of last week #D1.
Indicators:
- RSI 13 is still around the 50s #W2.
Wrap:
Index resisted near the ATH, takes support at the Long Term 5 EMA #M1.
Looking forward into this Week:
Patterns:
- Bulls now need to deal with the Bearish Harami made by this month's candle, to prevent a Long Term Three inside down (Study Links here, here or elsewhere) #M1.
- Bears need to close this week below last week's close, to produce a Medium Term Three inside down (Study Links here, here or elsewhere) #M1
- Bulls look to History (re-look) #M1 & #M3, and the support at the 5 EMA #M1, for a resumption of the Bull run.
Support & Resistance:
- Day Channel's Bottom is the resistance that Bears want to keep below, while the Bulls seek to keep above the support at the 5 EMA on the EOM #M1.
- Above 2034, the 5 EMA and the 13 SMA on the Weekly Charts, would stay deflected Bullishly #W1.
Indicators:
- TSI, if supported at the 61.8% Fibonacci retrace, would hold some cheer for the Bulls #M2.
Wrap:
Bulls trust History #M1 & #M3 and aim to keep above the 5 EMA on the month chart.
