India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Piercing rewards - Week 5 of December 2015.

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

Patterns:

• The previous week, the index showed the Bulls a 'Piercing Pattern', last week saw rewards for the Bulls - a green week #W1.

Support & Resistance:

• Index found support around the week channel bottom #W1, with resistance below the daily 50 SMA #D1.

Moving Averages: 

• The critical 5 EMA and 13 SMA, stay crossed Bullishly on the Day Chart #D1.

Indicators:

• On the week charts the STS #W1, continues to dwell in the over sold zone, despite the recent green on the screen.

Wrap:

Bulls take off from support at the Week Channel's bottom and  enjoy the rewards of the Piercing Pattern #W1.
Bears defend the Daily 50 SMA #D1.

Looking Forward into this Week:

Patterns:

• Piercing Pattern (Study Links here, here or elsewhere) is active on the Medium Term Chart #W1.
• The Shooting Star, active (Study Links here, here or elsewhere) on the Month Screen #M1, needs attention as we head to the month end.

Support & Resistance:

• Index has immediate support at the S2 of the Month Pivot #M1. Resistance is at the daily 50 SMA #D1.

Moving Averages: 

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

Indicators:

• The STS is in the oversold, a concern for the Bulls #W2.

Wrap :

Bears seek to shoot the index below the Week Channel bottom (green) line #W1.

Bulls aim for life above the daily 50 SMA #D1.