Learning from last Week: (click here for the previous post)
Patterns:
Nifty slips out of the bottom of the Weekly Channel i.e. the green bottom line #W1.
Bears pray that the Pullback is over and done with #W1.
Support & Resistance:
Bottom of the Weekly Channel (green line #W1) was resistance. The weekly 5 EMA was support #W1.
Moving Averages:
The critical 5 EMA, is Bullishly above the 13 SMA, only on the Medium Term screen #W1.
Indicators:
The TRD #M2, is above the mid point (50% Fibonacci).
Wrap:
Index hovers just below the green Weekly Channel bottom #W1. Bulls retain control of the steep day channel #D1.
Looking Forward into this Week:
Patterns:
After the Pullback to the Weekly Channel bottom (Study Links here, here or elsewhere), Bears manage a week below the green line, however battle for clear control of this space is still on #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 staying in the over sold, is power to the Bulls #W2.
Wrap :
Bulls, seek to climb above the green line (8238) and get back into the Weekly Channel #W1. Bears now plan life below the Day Channel #D1.
