Learning from last Week: (click here for the previous post)
Patterns:
- Bullish Harami on the long term charts produces a red June candle as of now #M1.
- Bearish Harami on the Weekly charts becomes a 'Three inside Down' #W1.
Support & Resistance:
- Index finds support at the Blue middle line of the EOW channel #W1, and near the 76.8% Fibonacci retrace as marked #W1.
- Blue middle line of the EOD channel #D1, resists the Index as does the 13 SMA on the weekly charts #W1.
Moving Averages:
- The critical 5 EMA and 13 SMA on the Monthly charts, gets closer for a Bullish deflection or a Bearish cross off 7878 #W1.
Indicators:
- MACD and its MA stay below the zero line as does its Histogram #D2.
Wrap:
Bulls resisted at the 38.2% Fibo. of the move from the 'ATH to the May 2015 low' #D1, manages to close above the May 2015 low.
Bears defend the blue middle line of the Day Channel and send the index towards its bottom #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.
- The Fibonacci retrace from the ATH to the May 2015 bottom and its retrace possibilities are worth a study (Study Links here, here or elsewhere).
Support & Resistance:
- Bulls face resistance at the 61.8% Fibonacci retrace (8686) 'of the May 2015 low to the ATH' #D1.
- Support is available, at the Day Channel's bottom line #D1 and the 76.4% Fibonacci retrace (8040) 'of the 2011 low to the ATH' #W1
- 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) and close above 8683 #D1 .
Bears seek to get to below the 76.8% Fibonacci retrace (8040) as marked and close below 7878 #W1.
