Monday, June 30, 2014

CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bears keep it sideways - Week 1 of July 2014.



Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 27 June'14



Nifty 50 - End of  Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 27 June'14



Nifty 50 - End of  Day  (EOD) Chart - Channel analyzing Data from Feb'2014, onward - as on 27 June'14





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


Patterns:
  • Week produces a perfect Doji #W1.
Support & Resistance:
  • 13 SMA on the EOD #D1, was resistance last week.  
  • Green bottom line of the Day channel was support #D1 as was the 5 EMA on the EOW #W1.
Moving Averages:
  • On EOD, the 5 EMA and 13 SMA, stay crossed Bearishly #D1.  
Indicators:
  • STS Pull Back (study) returns at the resistance (earlier support) line, but is still in the overbought zone #W2. 
  • TRD nears the 76.4 % Fibonacci retrace #M2.


Wrap:
Bears retain control of the short term screen with a red Doji #W1, Bulls defend the 5 EMA on the EOW #W1.




Looking Forward into this Week:

 

Patterns:
  • Doji on the Medium Term Screen is now active (Study links herehere or elsewhere).
Support & Resistance:
  • Support that bears want to reach & crack remains the 5 EMA on the EOW (7411) #W1.
  • The last ATH is the goal for the Bulls #M1.
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.
  • Bullish cross of the 5 EMA and 13 SMA on the EOD is the Bull hope #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 again reach and this time crack the 5 EMA on the EOWBulls seek to get to and stay above the 5 EMA on the EOD #W1.