Learning from last Week: (click here for the previous post)
Patterns:
- Bullish Harami on the long term chart. produces a red Pin Bar in June with 2 days to go #M1.
- The weekly charts sees a Opening White Marubozu #W1.
- Bulls hold off a Bearish H&S on the Day Charts #D1a and #D1b.
Support & Resistance:
- Bears defend the mid-line of the Day Channel #D1a.
- Bulls close above the 50 and 200 SMAs #D1a last week.
Moving Averages:
- The critical 5 EMA and 13 SMA on the Weekly charts, poised for a Bullish cross or Bearish Deflection at 8494 #W1.
- Death Cross on the Day Charts (50 & 200 SMA) yet to reward the Bears, these MAs continue to diverge #D1a.
Indicators:
- On the Medium Term, STS touches the Oversold line and takes support #W2.
Wrap:
Bulls bouncing from support at the Bottom of the Day Channel, clear the June Wall #D1.
Bears defend the Mid-line of the Day Channel #D1a.
Looking Forward into this Week:
Patterns:
- 'Death Cross' is active on the Day Charts, as the 50 SMA dives under the 200 SMA (study links here, here or elsewhere) #D1.
- A Bullish Harami (Study Links here, here or elsewhere) #M1 is active on the long term chart.
- Effects of a possible Pin Bar candle in June #M1 (Study Links here, here or elsewhere) and the Opening White Marubozu #W1 (Study Links here, here or elsewhere) along with the H&S on the Day Charts #D1 (Study Links here, here or elsewhere) to impact this week's action.
Support & Resistance:
- Bulls have support at the Day Channel's bottom line #D1, and at the 76.4% Fibonacci retrace (8040) 'of the 2011 low to the ATH' #W1.
- Resistance continues at the Day Channel's blue middle line #D1 and at 8494 #W1.
- Wall for July 2015 is 8398.
Moving Averages:
- The Death Cross is active as long as the 50 SMA stays below the 200 SMA #D1 - gap between these MAs, is currently increasing.
Indicators:
- Bulls hope that the TRD would settle above the 50% mark this month #M2.
Wrap :
Bulls look to close above the Wall (8398) and the Day Channel's mid-line #D1.
Bears plan to use the Death Cross's effect, to get the index below 8040, defending 8494 #W1.
