Monday, October 7, 2013

CNX Nifty 50 - Triple Screen 'Technical Analysis' - In the Zone :- Week: 30 September to 04 October, 2013.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 04 Oct'13


Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 04 Oct'13



Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Aug' 2013, onward - as on 04 Oct'13




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


Patterns:

  • August and September Candles form a Bullish Harami - October Candle to-date looks like making it a Bullish 'Three Inside up' (study). 
  • EOW's 'High Wave#3 suffers an early demise as the larger time frame bullishness dominates..
Support & Resistance:
  • Our Support line at 50 SMA on the EOD holds the Bears early last week #5. 
  • 5915, the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' #5 foils the Bulls later in the week.
Moving Averages:
  • EOD - 50 SMA and 200 SMA stay crossed bearishly in a Death Cross #5. 
  • EOM - Index stays above the 13 SMA #1, but the 5 EMA and 13 SMA stay Bearishly Crossed - Bearish overhang remains.
Indicators:
  • STS resistance line, seen last week, holds the Bulls #4.


Wrap:
Bears hold the Index just below 5915 (the 76.4% Fibonacci retrace of the 'Jan'12 low to All time high'),  the 50 SMA supports the Index Intra-week.



Looking Forward into the next Week:

Patterns:

  • The Bullish 'Three Inside Up' (study) forming on the Long Term Chart #1 - worth a watch.
Support & Resistance:
  • The 76.4% Fibonacci retrace of the 'Jan'12 low to All time high' (5915) is the resistance for the Index #5.
  • 50 SMA is the support for Bulls #5.
Moving Averages:
  • 200 SMA and 50 SMA on the Day Charts remaining Bearishly Crossed #5, keeps the Bulls under pressure. 
  • Bear overhang of the Long Term #1, breaks with the 5 EMA and 13 SMA crossing Bullishly - the number Bulls need to stay above, in Oct'13 is 6003.
 Indicators:
  • STS resistance which trumped the Bulls last week, worth a watch #4.


Wrap:


Bears need to stay below 5915 to remain in the game. Current Bull run on, if Index remains above the 200 SMA #5.