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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 02 May'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 02 May'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from Aug'2013, onward - as on 02 May'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- Tenuous Three outside up #W1 studied last week fails.
- Evening star on the Monthly charts in position to form #M1.
- The 5 EMA on the medium term charts #W1 cracked by Bears.
Moving Averages:
- Index sees the short term 5 EMA and 13 SMA cross Bearishly last week #D1.
Indicators:
- STS near its Support line #W2.
- TRD hanging around the 61.8% retrace drawn #M2.
Wrap:
'Short term' honors neutral - Bears get evening star possibility #M1.
Looking Forward into this Week:
Patterns:
- Bears trigger an Evening Star formation, if May candle closes below the range 6704-6712 #M1 (Study link here, here or elsewhere)
Support & Resistance:
- The support, currently for Bulls, is the Weekly 13 SMA i.e. 6535.
- Last ATH is now resistance for the Bulls #D1.
Moving Averages:
- Bearish Cross of the 5 EMa and 13 SMA on the Weekly Charts happens below 6474 #W1.
- 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.
Indicators:
- TRD Indicator staying below the 61.8% retrace boosts bears #M2.
- STS staying above its support line and in the overbought good for Bulls #W2.
Wrap:
Bears see Evening Star formation below 6704-6712 #M1, Bulls look to keep above support line on the STS #W2.
