Learning from last Week: (click here for the previous post)
Patterns:
- Index falls back from the Mid-Line of the Day Channel #D1, and Bears reap some rewards and enforce a Engulfing on the previous week's candle #W1.
- Bulls counter the Long Term 'Bearish Engulfing' with a green April candle - see last three candles #M1
Support & Resistance:
- Index falls from the Day channel's mid line #D1, to the Month Channel's mid line #M1.
Moving Averages:
- The critical 5 EMA and 13 SMA on the EOW, remain crossed bearishly #W1.
Indicators:
- STS stays below the over bought line #W2.
Wrap:
Bears hold the Nifty at the Mid point of the Day Channel and drive the index below the 13 SMA #D1.
Bulls still hold a green candle for April #M1, despite a Long Term 'Bearish Engulfing' #M1.
Looking Forward into this Week:
Patterns:
- A Bearish Engulfing is active on the Long Term Screen (Study Links here, here or elsewhere) #M1 and on the Medium Term Screen #W1..
- Above can turn into a Three Outside Down (Study Links here, here or elsewhere) #M1 and #W1, to be watched for.
Support & Resistance:
- Index faces resistance at the Day Channel's mid point #D1 and S1 on the Month Pivot #M1.
- Support points available are the Month Channel's Mid-Line and the April Wall (8343) #W1.
Moving Averages:
Indicators:
- Bulls look forward to the MACD on the Short term screen staying above the zero mark #D.
Wrap :
Bulls look to get above the Daily Channel's mid point #D1 and head for the ATH.
Bears hope for an April close below 8491 (the March Close), triggering a long term Three Outside Down #M1 and like wise this week's close below 8606 #W1.
