Learning from last Week: (click here for the previous post)
Patterns:
Evening Doji Star formation, splashes more red on the Weekly Chart #W1.
Support & Resistance:
55 SMA on the Weekly chart #W1 was support, the index failed to reach the top of the weekly channel #W1.
Moving Averages:
The critical 5 EMA, is bearishly below the 13 SMA, on all the above screens.
Indicators:
STS continues to be at the mid point #D2.
Wrap:
After the Bulls make a Higher High #M1, Bears paint the screen red, with help from the Evening Doji Star #W1.
Looking forward into this Week:
Patterns:
'Evening Doji Star' (Study Links here, here or elsewhere), is active on the Week Chart #W1.
Support & Resistance:
Weekly Channel Top (orange) is the resistance to beat #W1. The lower tyne of the new fork is the first support #D1, fallback is MVWAP33 on the Month screen #M1.
Moving Averages:
The 55 & 222 SMA, is a in a 'Golden Cross' on the Day Screen #D1.
Indicators:
TSI is turning back from resistance at the 61.8% mark #M2.
Wrap:
Bulls, pray that the new fork holds (1994+ for Monday), and seek to close the week above the weekly 55 SMA #W1.
Bears look to break below the fork #D1 and then would love a lower low (below 1800).
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.
