CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bulls Star - Week 2 of September 2014.

Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 05 Sept'14

Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 05 Sept'14

Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 05 Sept'14

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

Patterns:

• Bulls kill last week's Evening Star Possibility with another ATH #W1.
• Earlier week's 'Above the Stomach' Pattern, keeps the Bulls going #W1.

Support & Resistance:

• Bulls keep above the 5 EMA on the EOD all week #D1. 
• Bears fails to defend the EOD channel top - previous (steeper) channel active now #M1

Moving Averages: 

• The critical 5 EMA and 13 SMA on the EOD stay bullishly crossed to give Bulls continued dominance of all screens #D1.

Indicators:

• MACD and its MA are Bullishly Crossed - but MACD divergence to Price is huge #D2. 
• STS stopped by its resistance line - but remains in the over bought #W1.

Wrap:

Bulls dominate all screen and make another new High, Bears fail to defend earlier EOD channel top line #D1.

Looking Forward into this Week:


Patterns:

• Earlier week's 'Above the Stomach' Pattern (Study links here, here or elsewhere) near the Highs, warrant a careful look #W1.
• Throwback (study) of Price to last week's EOD channel top #D1 - to be watched to assess Bull strength.

Support & Resistance:

• Support that the Bulls have to defend is the 5 EMA on the EOD ( 8068 for Monday) #D1.
• Index  faces resistance at the new EOD channel top line #D1. 

Moving Averages: 

• Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on - the MA's are currently steady #D1.

Indicators:

• STS slipping below the overbought, will work for the Bears #W1.

Wrap:

Bulls look to defend the the 5 EMA on the Day Chart and make new ATHs #D1.
Bears seek to defend the current ATH ( 8142) #D1.