India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Bottom again - Week 2 of January 2016.

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

Patterns:

• Bears hold below the Monthly 5 EMA and revisit the Weekly Channel bottom with a long red candle #W1.
• Bears take down the index with the 'Three White Soilders' pattern #W1.

Support & Resistance:

• Index found support near the 76.4% retrace of the 2008 low to the ATH #M1., resistance was at the monthly 5 EMA #M1.

Moving Averages: 

• The critical 5 EMA and 13 SMA, deflect bearishly on the Week Chart #W1.

Indicators:

• On the week charts the STS #W1, is still above the over sold zone.

Wrap:

Bulls fail to sustain above the daily 50 SMA #D1.
Bears defend the Monthly 5 EMA #M1, and crash the index to the Weekly Channel Bottom #W1...again.

Looking Forward into this Week:

Patterns:

• 'Three White Soilders' pattern (Study Links here, here or elsewhere) is active on the Medium Term Chart #W1.
• The Long Term Chart's focus moves to the Long Legged Doji (Study Links here, here or elsewhere) and its implications #M1.

Support & Resistance:

• Index has immediate support at 7494 the 76.4% retrace of the 2008 low to the ATH #M1. Resistance is at 8040 (the 76.4% retrace of the 2011 low to the ATH) #W1.

Moving Averages: 

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

Indicators:

• The MACD slips below the zero #D2.

Wrap :

Bulls aim to stall the fall with a Higher Low #W1.

Bears hope to break below 7494.