Monday, July 6, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Pinned! - Week 2 of July 2015.


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


  • Bullish Harami on the long term chart. produces a red Pin Bar in June #M1.
  • The weekly Opening White Marubozu, is followed by last week's tall green candle #W1.
Support & Resistance:
  • Bears neatly defend our mark 8494 #D1.
  • Bulls close above the mid-line of the Day Channel #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA on the Weekly charts, which were poised for a  Bullish cross or Bearish Deflection at 8494 last week - now see a fresh meeting point 8215 for this week #W1.
  • Death Cross on the Day Charts (50 & 200 SMA) yet to reward the Bears, these MAs are now steady #D1.
  • On the Medium Term, STS touches the Oversold line and takes support #W2.

Bulls bouncing from support at the Bottom of the Day Channel, clear its mid-line #D1.
Bears defend 8494 precisely #D1.

Looking Forward into this Week:

  • 'Death Cross' is active on the Day Charts, as the 50 SMA dives under the 200 SMA (study links herehere or elsewhere) #D1.
  • A Bullish Harami (Study Links herehere or elsewhere) #M1 on the long term chart, followed by a Pin Bar (June candle) which is active #M1 (Study Links herehere or elsewhere) - together they point to a failed 'Three inside up' #M1.
Support & Resistance:
  • Bulls have support  at the Day Channel's bottom line #D1, and at 8215 #W1.
  • Resistance is at the Month Channel's blue middle line #M1 and R1 of the Month Pivot #M1.
  • Wall (click) 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 static.
  • The critical 5 EMA and 13 SMA on the Weekly charts, are now poised for a  Bullish cross or Bearish Deflection at 8215 for this week #W1.
  • Bulls hope that the TRD would take off, after settling above the 50% mark last month #M2.

Wrap :
Bulls look to stay 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 8215, after getting below 8398  the Wall (click) for July 2015 #W1.