Monday, March 28, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Top - Week 5 March 2016.

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

  • Index reaches the top line of the Day Channel #D1.
Support & Resistance:
  • The Daily 5 EMA, was constant support and the Day Channel Top was resistance last week #D1.
Moving Averages: 
  • The critical 5 EMA and 13 SMA, remain in a Bullish cross on the  Week Screen #W1.
  • On the week charts the STS #W1, heads towards the 50 mark.

Pullback to Week Channel bottom progresses, Last weeks action takes the index to the Day Channel Top #D1.

Looking Forward into this Week:

  • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1.
  • Channel Top hit on the Day Chart #D1 (Study Links herehere or elsewhere) worth a study.
Support & Resistance:
  • Bulls aim for the resistance at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  and close to the Pullback target #W1.
  • The daily 5 EMA, is the support that the bears would want to crack - to start some downward traction.
Moving Averages: 
  • The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
  • The TRD staying above the 38.6% Fibo, for the month, helps the Bull cause #M2.

Wrap :
Bulls hope the Pullback from the Weekly 200 SMA, to the Week Channel Bottom #W1, continues.
Bears expect the resistance at the zone of the Day Channel Top line #D1, to help them get some red on the screen.