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| Nifty 50 - End of Month (EOM) Chart - Channel analyzing Data from 2008 onward - as on 11 July'14 |
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| Nifty 50 - End of Week (EOW) Chart - Channel analyzing Data from Mid 2011 onward - as on 11 July'14 |
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| Nifty 50 - End of Day (EOD) Chart - Channel analyzing Data from May'2014, onward - as on 11 July'14 |
Learning from last Week: (click here for the previous post)
Patterns:
- Index falls dramatically to make an Engulfing Pattern #W1.
- White (in our chart Green) Marubozo of last week, chooses reversal and not continuation #W1.
- Month Pivot's R1 was the exact resistance #D1 last week.
- Index passes through 5 EMA on the EOW #W1 and Wall for July (7494) to hold above the Daily 50 SMA #D1.
Moving Averages:
- On EOD, the 5 EMA and 13 SMA, cross Bearishly #D1.
Indicators:
- STS Pull Back (study) stays below the resistance (earlier support) line, but is still in the overbought zone #W2.
- TRD remains shy, near the 76.4 % Fibonacci retrace #M2.
Wrap:
Bears take over the short term screen, while Bulls hold just above the 50 SMA on the Daily Chart #D1.
Looking Forward into this Week:
Patterns:
- Engulfing Pattern on the Medium Term Screen is now active (Study links here, here or elsewhere).
- Bearish Engulfing turning into a Three Outside Down (Study links here, here or elsewhere), is the next Bear Hope and Bull Nightmare #W1.
Support & Resistance:
- Bears next want to reach & crack the 13 SMA on the EOW (7292) #W1.
- The Bulls need to live life above the July Wall (7494, Wall = Approx Hawala rate - study link here, here or elsewhere) and defend the 50 SMA #D1.
Moving Averages:
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:
