Monday, June 23, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bears move it sideways - Week 4 of June 2014.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 20 June'14



Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 20 June'14



Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 20 June'14




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


Patterns:
  • 'Medium Term', Three Outside up #W1 gains falter. 
Support & Resistance:
  • 13 SMA on the EOD #D1, cracked by bears.  
  • R1 of the Monthly Pivot was the resistance #D1.
Moving Averages:
  • On EOD, the 5 EMA and 13 SMA, cross Bearishly #D1.  
Indicators:
  • STS Pull Back (study) falters at the resistance (earlier support) line, but is still in the overbought zone #W2. 
  • TRD nears the 76.4 % Fibonacci retrace #M2.


Wrap:
Bulls lose control of short term screen - Bears get second red week #W1.




Looking Forward into this Week:

 

Patterns:
  • Bulls had one of the best 'Medium Term', Three Outside up (Study links herehere or elsewhere) for gains.
Support & Resistance:
  • Support that bears want to reach & crack is now the 5 EMA on the EOW (7411) #W1.
  • The R1 of the Month Pivot 7650 #D1 remains the resistance that Bulls want to live above. 
Moving Averages: 
  • Golden Cross (study herehere or elsewhere) of the 50 & 200 SMA is on and steady, even as index is clear above these SMAs #D1.
Indicators:
  • TRD Indicator keeping below the 76.4% retrace is good for the Bears #M2.
  • STS getting above resistance (earlier support) line, helps Bull Cause #W2.


Wrap:
Bears look to reach and crack the 5 EMA on the EOWBulls seek to get and stay above the 5 EMA on the EOD #W1.