Learning from last Week: (click here for the previous post)
Patterns:
- Bullish Harami on the long term charts produces a long red June candle as of now #M1.
- Bearish Harami on the Weekly charts become a 'Three inside Down' and gives the Bears some honey #W1.
Support & Resistance:
- Index breaks support at the Blue middle line of the EOW channel #W1, and takes support at the red Bottom line of the Day Channel #D1.
- Blue middle line of the EOW channel #W1, resists the Index last week.
Moving Averages:
- The critical 5 EMA and 13 SMA on the Monthly charts, gets closer to a Bullish deflection or a Bearish cross off 7878 #W1.
- The 200 SMA and 50 SMA on the EOD Charts touch for a Bearish Cross #D1.
Indicators:
- MACD and its MA stay below the zero line as does its Histogram #D2.
Wrap:
Bulls resisted at the Mid-line of the Week Channel takes support at the Bottom of the Day Channel #D1.
Bears look good for a Death Cross #D1..
Looking Forward into this Week:
Patterns:
- A Bullish Harami (Study Links here, here or elsewhere) #M1 is active on the long term chart. A 'Three inside Down' (Study Links here, here or elsewhere) #W1 is active on the medium term chart.
Support & Resistance:
- Bulls face resistance at the 76.4% Fibonacci retrace (8040) 'of the 2011 low to the ATH' #W1.
- Current support is at the Day Channel's bottom line #D1.
- Wall for June 2015 is 8321.
Moving Averages:
Indicators:
- Bulls hope that the TRD would climb back above the 50% mark this month #M2.
Wrap :
Bulls look to get above the June Wall (8321) after getting above 8040 #D1 .
Bears plan to trigger the Death Cross and hope to close below 7878 #W1.
