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Monday, March 21, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Higher High time - Week 4 of March 2016.









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


Patterns:.

  • Bulls now have 5 green weekly candles in a row #W1. Last Swing high 2117 #W1.is next.
Support & Resistance:
  • Index was resisted in line with the earlier highs #W1. Support came in at the 13 SMA on the Day Screen #D1.
Moving Averages:  
    • The critical 5 EMA, remain crossed bullishly above the 13 SMA, on the Day and Week Screens #D1.
    Indicators:
    • STS remains in the over sold zone #D1.


    Wrap:
    Bears defend the channel line from earlier highs #W1. Bulls clear all MAs that we track.




    Looking forward into this Week:

    Patterns:
    • Pin Bar Candle's effect (Study Links herehere or elsewhere) is active on the Month Screen #M1.
    Support & Resistance: 
    • 222 SMA #D1, is the immediate support. Last weeks close 2050. is the current resistance. The next swing high 2117 is subsequent resistance, that Bulls need to clear #D1,
    Moving Averages:
    • Death Cross (55 & 222 SMA), is active on the Day Screen.
    Indicators:
    • RSI 13 staying above the 50% mark, is important for the Bull up move #W2.


    Wrap:

    Bulls on a roll, 
    after Pin Bar, look at making a higher high 
    #W1.
    Bears aim ensure a lower high and get the index below the 222 SMA #D1, with the hope of continuing the down trend.

    India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Bulls, Hanging on - Week 4 March 2016.












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

    Patterns:
    • Bulls Hang on to the up trend, producing a green 'Hanging Man' candle last week #W1.
    Support & Resistance:
    • The Daily 13 SMA,  #D1,.was support and the Monthly 5 EMA  #M1, was resistance. which held, until the dying hours of last week.
    Moving Averages: 
    • The critical 5 EMA and 13 SMA, makes a Bullish cross on the  Week Screen #W1.
    Indicators:
    • On the week charts the STS #W1, heads towards the 50 mark.

    Wrap:
    Pullback to Week Channel bottom progresses, Last weeks action produces a 'Hanging Man Candle' #W1..



    Looking Forward into this Week:

    Patterns:
    • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1.
    • 'Hanging Man Candle' (Study Links herehere or elsewhere) is active on the Medium Term chart #W1.
    Support & Resistance:
    • Bulls aim for the resistance at 8040, the 'Fibonacci 76.4% retrace of the 2010 low to the ATH)'  and close to the Pullback target #W1
    • The monthly 5 EMA, 7578 is the support that the bears would want to close this week below  #W1.
    Moving Averages: 
    • The Death Cross (50 and 200 SMA) has been active for the past 6+ months #D1.
    Indicators:
    • The TRD staying above the 38.6% Fibo, for the month, helps the Bull cause #M2.


    Wrap :
    Bulls hope the Pullback from the Weekly 200 SMA, to the Week Channel Bottom #W1, continues.
    Bear future hangs, on getting back below the Monthly 5 EMA (7858) #M1.