Learning from last Week: (click here for the previous post)
Patterns:
Nifty noses into the bottom of the Weekly Channel i.e. above the green bottom line #W1. Bulls dominate above this line #W1.
Support & Resistance:
Middle line of the Day Channel #D1 was Supporrt. The R2 of the Month Pivot (8258) was precise enough resistance #W1.
Moving Averages:
The critical 5 EMA, remains bearishly below the 13 SMA, only on the Long term screen #M1.
Indicators:
The TRD #M2, is above the mid point (50% Fibonacci).
Wrap:
Index takes off from support at the Day Channels middle, to nose into the Weekly Channel #W1.
Looking Forward into this Week:
Patterns:
Pullback to the Weekly Channel bottom, on the Medium Term Screen (Study Links here, here or elsewhere), has broken into the channel, keeping it that way is the Bull challenge #W1.
Support & Resistance:
Resistance is again at R2 (8258) of the Month Pivot #M1 and above this at 8343. The 'Fibonacci 76.4% retrace of the 2010 low to the ATH' #W1 is support (8040) #W1.
Moving Averages:
A Golden Cross (50 and 200 SMA) is active on the day chart #D1.
Indicators:
The MACD is above its MA, histogram is sloping down #D2.
Wrap :
Dominant Bulls, seek to clear 8343 and target a new ATH. Bears seek to defend the Monthly R2 #W1.
