EOD Analysis CNX Nifty - 24 01 2012 - Bulls peep above 34 EMA on week chart.

Nifty - End of Day Chart - 24  Jan  2012

In our 'Looking Forward' section of the last post (here) - we needed the Bulls to break out of our range. The Nifty negated the Bearish Candle pattern yesterday and trading above last week's close early today,  used some fundamental reasons to break our range and eye the 200 DMA, meanwhile Price is just above the crucial 34 EMA on the EOW charts. The throwback to channel - a healthy need for a stronger up move - is still missing. 

CNX Nifty Technical Analysis: Week ending 20 Jan 2012.

Recap: We identified the point where Nifty would break out from (post here) and a candle stick pattern to go with it (post here). Post break out we redefined the channels Nifty would follow (post here) and ended the week with the Price exactly at the new channel's middle blue line (post here).  

Nifty - End of Month Chart - 20  Jan  2012

Nifty End of Month Chart: The bulls conquered the 5 EMA on the month chart. This chart is back to bull mode. Pull back to the green line looks possible from here. Zooming in we analyze the area encircled in blue next - with the 'End of Week' chart.

Nifty - End of Week Chart - 20 Jan 2012

Nifty End of Week Chart: Our point last week (post here)on the indicator popping above the 20 mark was made. The Bulls went on a rampage all the way to the 34 EMA where they saw resistance exactly as marked. Bears look like they will not give up this zone without a fight. We now zoom in on the area encircled in red with the 'End of Day' Charts.

Nifty - End of Day Chart A - 20  Jan  2012

Nifty End of Day Chart A:  The revised channels presented intra week (post here) worked out for the Bulls - the mid point was reached with precision as was the range exactly as marked. 

Nifty - End of Day Chart B - 20  Jan  2012

Nifty End of Day Chart B:  A second channel possibility is presented - for both options one looks at a controlled throw back to the old channel top (black line) or Fib61x as the next event to be watched. The candle stick chart of the above has a point of note as we saw yesterday (post here).

Looking Forward: Bulls are in a strong place now. Its natural then that resistances in different time frames, as we saw above, should develop. Bulls now needs to break the upper end of the range shown on the EOD charts above to keep their momentum. Early sign would be trading above last week's close and negating the Bearish Doji Star. Failure gives Bears a toe hold into the week and post settlement (for the Jan'12 series), a chance to strike back. Intra Week updates shall be up.

Bearish Doji Star

Nifty - End of Day Chart - 20  Jan  2012 - Candles

The last time we paid attention to Candlesticks it paid off good (post here). So here is the next possibility. Suggested reading material below..

http://www.candlestickanalysis.com/bearish-doji-star-candlestick-pattern

S&P 500 - End of Week Analysis - Monthly channel breach?

S&P 500 - EOW Analysis - Week 16-20  Jan 2012.

We had observed last week (post here) that the price could break either of the channel lines it was between. Price closed above the red channel line which is the channel bottom of the monthly channel (from here). With 10 days to go for the month to end, bulls just need to keep it above the red line for monthly momentum to remain on their side.  Déjà vu ?

EOD Analysis - 20 Jan 2012 - CNX Nifty - Bulls get best among global gains.

Nifty - End of Day Chart - 20  Jan  2012

Post break-out Bulls have taken Nifty to one of the best gains YTD - Globally. Notice in the highlighted area that the Price has EXACTLY touched the blue line of our channels presented in the last post here. A decent throw back expected. The Week end posts shall be up shortly...