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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 17 Mar'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 17 Mar'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 17 Mar'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- Engulfing Pattern of previous week becomes a Three outside up #W1 by a wafer thin margin.
- Evening star possibility on the Monthly charts remain #M1.
- The 5 EMA on the medium term charts #W1 was support for Bulls once again.
Moving Averages:
- Index sees the short term 5 EMA and 13 SMA meeting for a deflection or cross #D1.
Indicators:
- MACD and its MA cross bearishly #D2,
- TRD hanging around the 61.8% retrace drawn #M2.
Wrap:
Bulls manage to retain control of all screens - Bears eye a evening star #M1.
Looking Forward into this Week:
Patterns:
- Bullish Three outside up ( Study link here, here or elsewhere) active but needs a watch due to the meager margin it grew out of #W1.
- Bears see a possibility of an Evening Star formation #M1 (Study link here, here or elsewhere)
Support & Resistance:
- The current support, the April'14 Wall i.e. 6642 - was tested, last couple of weeks.
- EOD Channel top is now resistance for the Bulls #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 staying above the 13 SMA (+6724 for Monday) important for Bulls #D1.
Indicators:
- TRD Indicator staying above the 61.8% retrace boosts bulls #M2.
- MACD staying below its MA favors Bears #D2.
Wrap:
Bears hope for a Evening Star #M1, Bulls seek to keep the weekly Three outside up alive #W1.
