Monday, September 14, 2015

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Green Shoot ? - Week 3 of September 2015.

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


  • The Head & Shoulder formation, gives lower lows for the Bears #W1 - however Bulls get a green week as they shoot off off the Day Channel's Bottom #D1.
Support & Resistance:
  • The 76.4% Fibo retrace shown on the EOM #M1 was support as studied.   The 13 SMA on the EOD was resistance #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, are crossed bearishly, on all three Screens, for the past few weeks.
  • On the Month chart, TRD at the Fibonacci 38.2% mark #M2.


Bears make a lower low but fail to stay below the Day Channel's bottom line #D1.
Bulls hold the index above the monthly Pivot's S1 and claim a green week #D1.

Looking Forward into this Week:

  • Bearish H&S pattern reaching target #W1, remains a possibility (Study Links herehere or elsewhere). 
Support & Resistance:
  • Bulls again have support at the 76.4% Fibo retrace shown on the EOM #M1, Resistance is at the blue Mid-line of the Day Channel #D1.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) is active and thriving #D1.
  • The critical 5 EMA crossing above the 13 SMA, and holding there, is critical for Bull Success this week (touch point for Monday is 7869) #D.
  • The STS, staying below the oversold line, is good for Bears #W2.

Wrap :
Bears with all screens in their control, look to drive towards the green bottom line of the Weekly Chart #W1. 
Bulls after the bounce from the Day channel's bottom, seek a bullish cross of the 5 EMA & 13 SMA  on the EOD Screen  #D1.