Learning from last Week: (click here for the previous post)
Patterns:
- Bulls slip above the April Wall (8343) and then close above the April 5 EMA (8534) #M1.
- Bears get their Long Term 'Bearish Engulfing' followed by a green April candle - see last three candles #M1
Support & Resistance:
- Bulls hit the April pivot #M1 after finding support near the Day channel bottom #D1.
- The Long Term 5 EMA (8534) was cleared by the Bulls - the Medium Term 5 EMA (8586) for this week, was held by the Bears on the Nifty.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOW & EOD, remain crossed bearishly, as of last week #D1 & #W1.
Indicators:
- STS stays below the over bought line #W2.
Wrap:
Bears hold the Nifty at the Weekly 5 EMA #W1 and Monthly Pivot #M1.
Bulls clear the April Wall and the Monthly 5 EMA #M1 despite a Long Term 'Bearish Engulfing' #M1.
Looking Forward into this Week:
Patterns:
- A Bearish Engulfing is active on the Long Term Screen (Study Links here, here or elsewhere) #M1.
- Above can turn into a Three Outside Down (Study Links here, here or elsewhere) #M1 - April watch.
Support & Resistance:
- Index supports that the Bears would want to get below this week, are 8343 (Wall for April) and the Monthly 5 EMA (8534).
- Resistance Levels that the Bulls want to get above, are the Weekly 5 EMA (8586) and the Daily 50 SMA #D1.
Moving Averages:
Indicators:
- Bulls hope to see the TRD, taking support above the 50% Fibo Mark #M2.
Wrap :
Bulls look to clear the Daily 50 SMA #D1, keeping above the Long Term 5 EMA (8534) #M1
Bears want life below the April Wall and an April close below 8491 (the March Close), triggering a long term Three Outside Down #M1.
