India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Evening Doji Star Strikes - Week 1 of May 2016.

 

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

Patterns:

• Last week's Weekly candle, was a red High Wave, it triggers the Evening Doji Star.pattern #W1.

Support & Resistance:

• 13 SMA on the month screen #M1, was again resistance while the 5 EMA on the Week screen was support  #W1.

Moving Averages: 

• The critical 5 EMA, is now very close to the 13 SMA, on the Day screen #D1.

Indicators:

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

Wrap:

Pullback to Week Channel bottom almost done, Last week was advantage Bears #W1.

Looking Forward into this Week:

Patterns:

• 'Evening Doji Star' (Study Links here, here or elsewhere) is active on the Medium Term chart #W1.
• High Wave candle on the Week Chart, points to indecision (Study Links here, here or elsewhere)  #W1.

Support & Resistance:

• Bulls would want to clear 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  #W1. Bears would want to see the index get below the red Day Channel Top #D1.

Moving Averages: 

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

Indicators:

• The MACD is below its MA and its histogram ticking at the zero line, this is good news for Bears #D2.

Wrap :

Bulls need to get above 8040 #W1. Bears would want to continue the throw back to the red Day Channel top #D1.