Sunday, December 16, 2012

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Week: 10 December to 14 December, 2012 - Hikkake..




 Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 14 Dec '12 




Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 14 Dec '12




Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from October 2012, onward - as on 14 Dec '2012




Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from October. 2012, onward - as on 14 Dec '2012




Learning from the Past Week: (click here for the post)

A Red Week with a candle #3 which just fell short of being a Bearish Engulfing of the previous one..
We looked at the Bulls taking Step 1 for a Three Outside up, by staying above the resistance line on the EOD #5 - Bears ensure that this did not happen.
Another Three Outside up.#1 requirement which we studied last week was that the Nov'12 Close should be held by the Bulls - The week ended exactly at Nov'12 close i.e. 5880 !!
Bulls held the index above 5880 for most of the week - the fall on breach of this level was swift.
The fall came close to touching the 'Wall' for this month at 5825 before moving back to 5880.
A Bullish Hikkake which one can study here and here - forms on the EOD #7.



The Resistance line drawn on the EOD #5 held off the Bulls and the Bears were sent back near the Wall for the month.





Looking Forward into the next Week:

A 'Three Outside up' on the long term chart #1 combined with a 'Bullish Hikkake' on the EOD #7 - bodes good omens for the bull.
Falling below our Wall for December 5825 however, holds off above advantage.
Bullish Hikkake's effect would be known if 5925 is taken & held by the Bulls in the next two days.
Bearish Cross of the 5 EMA and 13 SMA on EOD is on - a close above 5900 on Monday and it becomes a Bullish Deflection.



Keeping above the Wall at all costs and November's Close are critical for Bulls - Couple of Candles to go on the EOD, to know the fate of the Bullish Hikkake as studied above.