Learning from last Week: (click here for the previous post)
Patterns:
- Bulls clear the Daily 50 SMA #D1, keeping above the Long Term 5 EMA (8534) #M1 and the Index reaches the mid point of the Day Channel #D1.
- Bears get their Long Term 'Bearish Engulfing' followed by a green April candle - see last three candles #M1
Support & Resistance:
- Index takes off from the Weekly 5 EMA #W1 all way to the Day channel mid line #D1.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOW, remain crossed bearishly #W1.
Indicators:
- STS stays below the over bought line #W2.
Wrap:
Bears hold the Nifty at the Mid point of the Day Channel #D1.
Bulls make a long green candle #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 to be watched for.
Support & Resistance:
- Index faces resistance at the Daily Channel's mid point #D1 and S1 on the Month Pivot #M1.
- Support points available are the weekly 13 SMA (8727) and the April Wall (8343) #W1.
Moving Averages:
Indicators:
- Bulls look forward to the MACD on the Short term screen moving above the zero mark #D.
Wrap :
Bulls look to get above the Daily Channel's mid point #D1 and head for the ATH.
Bears still hope for an April close below 8491 (the March Close), triggering a long term Three Outside Down #M1.
