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.
Introduction / Primer to Ichimoku can be read at this link (click).
Learning from the Earlier Study: (click here for the previous post)
Chikou Span's progress is halted by the Kijun Sen #W1.
Index is in the Kumo, manages not to break down below it #W2.
Senoku Spans A and B converge #W3.
Wrap:
Index again, bang inside the Kumo #W2.
Looking Forward into this Week:
Bears hope the resistances at the Senoku Span B, and Chikou Span would send the Index down #W2.
Keeping the the Chikou Span below the Kijun Sen, important for Bears #W2.
The Senoku Span 'A' crossing above the Senoku Span 'B' is the next Bull ask #W3.
Wrap:
Preventing a Kumo Breakout, is the Bear target #W2.
Keeping the Chikou span above the price line #W1, and a Kumo Breakout is the Bull hope #W2.
Learning from last Week: (click here for the previous post)
Patterns:
Evening Doji Star formation apparent on the Weekly Chart #W1. Bulls make a Higher High #M1.
Support & Resistance:
Middle Tyne of the fork on the day screen #D1, was support and later resistance last week.
Moving Averages:
The critical 5 EMA, is bearishly below the 13 SMA, on the day screen #D1.
Indicators:
STS is in the Over bought zone #D2.
Wrap:
Bulls make a Higher High #M1. Bears manage Evening Doji Star #W1.
Looking forward into this Week:
Patterns:
Possible 'Evening Doji Star' (Study Links here, here or elsewhere), on the Week Chart #W1.
Support & Resistance:
Weekly Channel Top (orange) is the resistance to beat #W1. The lower tyne of the fork is the support #D1.
Moving Averages:
The 55 & 222 SMA, is a in a 'Golden Cross' on the Day Screen #D1.
Indicators:
TSI just above the resistance at the 61.8% mark #M2.
Wrap:
Bulls, after making a higher high (above 2116) #M1, look to reach the ATH.
Bears seek to get the Index below the fork #D1, and seek a lower low to make up.
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.
