India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Middle Muddle - Week 2 of November 2015.

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

Patterns:

• Bears makes a clean trip from Day Channel's Top to Middle Line (blue), but fail to take out our mark 7919.

Support & Resistance:

• Last week the Bulls found support near the Day Channel's Middle line #D1. Bears used the Pivot line as resistance to send the index down #M1.

Moving Averages: 

• The critical 5 EMA and 13 SMA, remain crossed bullishly, on the Week charts #W1.

Indicators:

• On the Day chart the  MACD and its MA, along with the Histogram, move below zero #M2.

Wrap:

Bulls take support near our second mark 7919 and the Channel Middle #D1. 
Bears almost complete their domination of all 3 screens.

Looking Forward into this Week:

Patterns:

• Shooting Star, is active (Study Links here, here or elsewhere) on the Long Term Screen #M1.

Support & Resistance:

• Index has immediate support at 7900, S2 of the Monthly Pivot (7707) #M1, is the fallback. 
• Immediate resistance is at 8040, the 76.4% Fibonacci retrace of the '2011 low' to the 'ATH'  #W1.

Moving Averages: 

• The Death Cross (50 and 200 SMA) is active, these MAs are now Bullishly Converging (needs watching) #D1.
• The critical 5 EMA and 13 SMA, will stay crossed Bullishly, on the Week charts if this week closes above 7900 #W1.

Indicators:

• The TRD, peeping above the 50% retrace is the next Bull wish #M2.

Wrap :

Bulls look to fight back to the Day channel top, if they can stay above the middle line (blue) of the Day Channel #D1.
Bears hunt for life below 7707 #M1, and total domination of all screens.