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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 21 Mar'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 21 Mar'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 21 Mar'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- January and February Candles formed a 'Piercing Pattern' #M1. Bulls make a new high but lose steam.
- Last two candles on the EOW #W1 resemble 'High Wave' Candles.
- Index fails yet again to decisively clear the EOW channel top #W1 as also the Monthly Pivot's R2 #D1.
- The 13 SMA on the EOD #D1 was support for Bulls.
Moving Averages:
- The short term 5 EMA closing in on the 13 SMA #D1.
Indicators:
- MACD and its MA poised to meet #D2, TRD at the 61.8% retrace drawn #M2.
Wrap:
Bulls manage to retain control of all screens - Bears once again send back the Index near the Weekly channel top #W2.
Looking Forward into this Week:
Patterns:
- Bullish 'Piercing Pattern' (Study link here, here or elsewhere) on the Long Term Chart #M1 is active and has produced new Highs.
- The 'High Wave' Candles on the Week Chart (Study link here, here or elsewhere) #W1 imply indecision in the index.
Support & Resistance:
- The Nov'13 High (6343) #W1, is the current support.
- EOW Channel top remains the resistance for the Bulls #W1. Monthly Pivot's R2 also foiled the Bulls for the last couple of weeks #D1.
Moving Averages:
- Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on and steady, even as index is clear above these SMAs #D1.
- 5 EMA and 13 SMA on the EOD #D1, close to deflecting bullishly or crossing bearishly.
Indicators:
- Resistance at the 61.8% retrace as drawn on the TRD helps bears #M2. MACD sliding below its MA favors Bears #D2.
Wrap:
Bears seek support from the High wave candles #W1 for a life below 6343, Bulls look to the Piercing pattern #M1 for momentum, to clear the EOW Channel top #W1 decisively.
