CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Top (about time) - Week 1 of February 2015.

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

Patterns:

• Index reaches the Top of the Weekly Channel - we have been waiting on this channel from April 2014 (post) #W1. 
• Bulls pull index up to  a new ATH in Jan'15, engulfing the Dec'14 candle #M1.

Support & Resistance:

• Bears get their wish as the Index closes below the 5 EMA on the Day Chart #D1.
• Bulls return, from the R2 on the Jan 2015 pivot #M1.

Moving Averages: 

• The critical 5 EMA and 13 SMA on the EOW, stay crossed Bullishly #D1.

Indicators:

• STS stays in the over bought #W2.

Wrap:

Bulls after meeting the mark R2 on the January Pivot, fall hard, to below the Daily 5 EMA #M1. 
Bears hold off Index, at the Weekly Channel's Top #W1.

Looking Forward into this Week:

Patterns:

• Channel Top resistance of the Medium Term Channel, perks up Bear hopes #W1.
• 'Bullish Engulfing' on the Long Term Charts, becoming a Three Outside Up (Study Links here, here or elsewhere) to be watched for #M1.

Support & Resistance:

• Index resistances that the Bulls would want to get above this week, are the current ATH (8997) and the Wall for February 8952.
• Support Levels that the Bears would love to get below, are 8623 (5 EMA on the Weekly Charts) and 8456 (13 SMA on the Weekly Charts).

Moving Averages: 

• Golden Cross (study here, here or elsewhere) of the 50 & 200 SMA is on - these MA's are currently steady #D1.

Indicators:

• STS, staying above the overbought line, demonstrates the Bull domination of the Medium and Long Term Screens #W2.

Wrap :

Staying below the Daily 5 EMA, Bears seek to get stronger and get back some more lost ground.
Bulls look forward to a Three Outside Up triggering, with a February Close above 8809 #M1.