Monday, April 6, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Nifty Fives - Week 2 of April 2015.

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

  • 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.
  • STS stays below the over bought line #W2.

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:

  • A Bearish Engulfing is active on the Long Term Screen (Study Links herehere or elsewhere) #M1. 
  • Above can turn into a Three Outside Down (Study Links herehere 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: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on - these MA's are currently converging #D1.
  • 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.