|Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 29 Nov'13|
|Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 29 Nov'13|
|Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 29 Nov'13|
Learning from the Past Week: (click here for the previous post)
- Bullish 'Three Inside up' #M1, on the Long Term Charts keeps November green - another new ATH.
- Index gets closer to the Week Channel Top (orange) #W1.
- 5 EMA on the EOD #D1 was the support this week.
- Bulls keep November candle clear of the 5 EMA on the Long Term Charts #M1.
- 5 EMA stays above the 13 SMA after a Bullish Deflection #D1.
- RSI 13 stays in the overbought #W2.
- Month Chart Oscillator remains below the over-bought, after the August Close #M2.
Bullish 'Three Inside Up' on the Long Term #M1 gives Bulls solid gains - Bears unable to get below the 5 EMA on the EOW #W1..
Looking forward into the next Week:
Support & Resistance:
- 34 EMA and 200 SMA on the Short Term Chart are Support for the Bulls, while the 'All Time High' Line and the Channel Top #W1 are resistances.
- Keeping above the 5 EMA on the EOD #D1 for all of last week - shows momentum kept by Bulls.
- Deflection or Cross of the 5 EMA and 13 SMA, next week would again show the direction going forward #D1.
- Stochastic 34 3 4 staying in the over bought zone, works for the Bulls #D1
Bulls use the 'Three Inside Up' #M1, to stay green - Bears aim for a bearish cross of the 5 EMA and 13 SMA #D1.