India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Evening Doji Star - Week 4 of April 2016.

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

Patterns:

• Last week's Broadening Top, breaks upwards - Weekly candle is a Doji #W1.

Support & Resistance:

• 13 SMA on the month screen #M1, was resistance while the 200 SMA on the Day screen was support #D1.

Moving Averages: 

• The critical 5 EMA and 13 SMA, are crossed Bearishly only on the Month Screen #M1.

Indicators:

• The TRD #M2, is facing resistance at the mid point (50% Fibo).

Wrap:

Pullback to Week Channel bottom almost done, Last week was a stalemate #D1.

Looking Forward into this Week:

Patterns:

• 'Opening White Marubozu' (Study Links here, here or elsewhere) is active on the Long Term chart #M1.
• Doji on the Week Chart, near the pull back target, can give relief to the Bears if it becomes an Evening Doji Star (Study Links here, here or elsewhere)  #W1.

Support & Resistance:

• Immediate resistance is the 13 SMA on the Month Screen #M1. Bulls would want to clear 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  #W1.
• Next Support is the Daily 200 SMA #D1,  Bears would want life under 7367, the 'Fibonacci 61.8% retrace of the 2010 low to the ATH)'  #W1.

Moving Averages: 

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

Indicators:

• The MACD crossing to above its MA and histogram ticking above the zero line, is good for Bulls #D2.

Wrap :

Bulls now want to break above the Week Channel's green bottom line #W1.

Bears would want a throw back to the Day Channel top #D1, with some help from the Evening Doji Star #W1.