India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Wars - Week 3 of December 2015.

 

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

Patterns:

• Shooting Star, was active on the Long Term Screen #M1.
• Medium Term Channel bottom reached, bulls and bears war over this support #W1.

Support & Resistance:

• Last week the Bulls support at the Week channel's bottom #W1. Bears halt the index near the Weekly 5 EMA #W1.

Moving Averages: 

• The critical 5 EMA and 13 SMA, cross Bearishly on the Day Chart #D1.

Indicators:

• On the Day chart the  MACD and its MA cross bearishly, staying below zero, Histogram ticks down #M2. This low of the Indicator is a divergence to the low of the Price #D1, #D2.

Wrap:

Bulls take support near at the Day Channel middle line #D1. 
Bears defend the weekly 13 SMA for the second week in a row #W1.

Looking Forward into this Week:

Patterns:

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

Support & Resistance:

• Index has immediate support at the S2 of the Month Pivot #M1. Resistance is at the weekly 50 SMA #W1.

Moving Averages: 

• The Death Cross (50 and 200 SMA) is active D1.

Indicators:

• The STS hovers above the oversold, with a positive divergence to price, a take off to the Over Bought is the Bull ask #W2.

Wrap :

Bears want to press for a weekly close, below the Week Channel bottom (green) line #W1.
Defending the monthly pivot's S2 #M1, Bulls seek the weekly 50 SMA #W1.