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Monday, October 17, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - H&S Neckline - Week 3 of October 2016.













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

Patterns:

Index closes the week on the neckline of a 'Head and Shoulder' Pattern #DaiyChart1 Link(Click)

Support & Resistance:

Day Fork's middle Tyne and 13MA were resistances #DayChart1 
Index closes below the 50 MA and Day Fork's bottom Tyne #DayChart1.

Moving Averages:
The critical EMA 5, bearishly below the MA 13 on all except month screen #MonthChart1
.

Indicators: 
The STC stays, well above the 76% Fibonacci retrace #
MonthChart2.


Wrap: 
Bears close below the Day Fork, Bulls close above the neckline of the H&S pattern #DayChart1.



  

Looking forward into this Week:


Patterns:

Head & Shoulder pattern is active on the Day chart (Study links herehere or elsewhere) Bears need the Index crashing below the neckline #DayChart1.

Support & Resistance: 
Bottom Tyne of the Fork on the Day chart is the first resistance #DayChart1. Neckline of the Head & Shoulder Pattern is the first Support (Link).

Moving Averages:
The 50 & 200 MA, are a in a 'Golden Cross' on the Day Screen 
#DayChart1.

Indicators:
The MACD and its histogram, are below zero #Day
Chart2.


Wrap:
Bears look to break the H&S neckline and get below last week's low 8541 #DayChart1.
Bulls want to break the current down trend, by getting above 8808 #DayChart1.