India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Harami - Week 4 of February 2016.

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

Patterns:

• The Index takes off from the Day Channel Bottom #D1, after the fast fall, and makes a Bullish Harami on the Weekly Screen #W1..

Support & Resistance:

• Index took off from support at the S2 of the Month Pivot  #M1 and was resisted at the S1 of the Month Pivot #M1 and the daily 13 SMA #D1,

Moving Averages: 

• The critical 5 EMA and 13 SMA, are crossed Bearishly on all screens.

Indicators:

• On the week charts the STS #W1, remains in the over sold zone.

Wrap:

Support at the the Day Channel Bottom #D1, gives the Bulls a Harami #W1. Bears defend the daily 13 SMA #D1.

Looking Forward into this Week:

Patterns:

• 'Opening Black Marubozu' (Study Links here, here or elsewhere) is active on the Long Term chart #M1.
•  'Bullish Harami' (Study Links here, here or elsewhere) is active on the Medium Term Chart,  if it mutates into a 'Three inside up', Bulls celebrate #W1.

Support & Resistance:

• Bulls need to clear the resistance at the Weekly channel bottom #W1. The support at the 'Fibonacci 50% retrace of the 2011 low to the ATH (6828)'  is what the Bears need to crack #W1.

Moving Averages: 

• The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.

Indicators:

• The TRD closing above the 38.6% Fibo for the month, helps the Bulls #M2.

Wrap :

Bulls hope that the pullback to Week Channel Bottom happens, with a 'Three Inside Up' #W1, #M1.

Bears aim the day channel bottom #D1, and life below 6828.