Learning from last Week: (click here for the previous post)
Patterns:
Nifty stays below the bottom of the Weekly Channel i.e. the green bottom line #W1.
Bears smell honey, weekly candle ia a High Wave indicating confusion #W1.
Support & Resistance:
Bottom of the Weekly Channel (green line #W1) was resistance. The weekly 13 SMA 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 spends second week below the green Medium Term Channel bottom #W1. Bulls hang on to 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 2 weeks below the green line, High wave. active on the Weekly Channel (Study Links here, here or elsewhere) #W1.
Support & Resistance:
Resistance is at the daily 5 EMA #D1. Index support that the Bears failed to ger to, last week was the weekly 50 SMA (7858) #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 (8252) and get back into the Weekly Channel #W1. Bears now plan life below the steep Day Channel #D1.
