Learning from last Week: (click here for the previous post)
Patterns:
Nifty noses in and out of the bottom of the Weekly Channel i.e. the green bottom line #W1. Bears get a red week #W1.
Support & Resistance:
Middle line of the Day Channel #D1 was Support and then resistance. The daily 13 SMA was support by week end #D1.
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 drops off from support at the Day Channels middle, its playing 'peek a boo' with the Weekly Channel bottom #W1.
Looking Forward into this Week:
Patterns:
Index after the Pullback to the Weekly Channel bottom, on the Medium Term Screen (Study Links here, here or elsewhere), has broken in and out of the channel, battle for control of this space continues #W1.
Support & Resistance:
Resistance is at R1 (8358) of the June Pivot #M1. The 'Fibonacci 76.4% retrace of the 2010 low to the ATH' is support (8040) #W1.
Moving Averages:
A Golden Cross (50 and 200 SMA) is active on the day chart #D1.
Indicators:
The STS reaching the over sold is power to the Bulls #W2.
Wrap :
Bulls, seek to clear 8358 and target a new ATH. Bears seek life below the Week Channel #W1.
