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Monday, April 4, 2016

US - S&P 500 - Triple Screen 'Technical Analysis' - Marubozu - Week 1 of April 2016.











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


Patterns: 

  • Bulls end March strong, with a Bullish Opening White Marubozu #M1.
Support & Resistance:
  • Index stays below the middle tine of the fork #D1, which was  resistance. Support was again the 13 SMA on the same screen #D1.
Moving Averages:  
    • The critical 5 EMA, is poised to cross bullishly or deflect bearishly with the 13 SMA, on the Long Term Screen #M1.
    Indicators:
    • STS remains in the over sold zone #D1.


    Wrap:
    Bears keep index below the previous High #W1. Bulls continue to hold it above the daily 13 SMA.




    Looking forward into this Week:

    Patterns:
    • Pin Bar Candle's effect (Study Links herehere or elsewhere) produced an Opening White Marubozu (Study Links herehere or elsewhereand they are both active #M1.
    Support & Resistance: 
    • Last High (2116) and the middle prong for the fork #D1 are the immediate resistances. The lower prong of the Fork #D1, and the Daily 222 SMA, are the immediate supports.
    Moving Averages:
    • Death Cross (55 & 222 SMA), is active on the Day Screen.
    • The critical 5 EMA, is poised to cross bullishly or deflect bearishly with the 13 SMA, on the Long Term Screen at 2090 #M1.
    Indicators:
    • RSI 13 going above the 50% mark, is important for the Bull up move #W2.


    Wrap:
    Dominant Bulls, eye a higher high #W1.
    Bears look to slip below the Fork #D1, and go about making a lower low.



    India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Channel Top Stop - Week 1 of April 2016.










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

    Patterns:
    • Index stopped at the top line of the Day Channel, Bears get their red week #D1.
    Support & Resistance:
    • The Weekly 5 EMA, was support and the Day Channel Top was once again the resistance last week #D1.
    Moving Averages: 
    • The critical 5 EMA and 13 SMA, remain in a Bullish cross on the  Week Screen #W1.
    Indicators:
    • On the week charts the STS #W1, still below the 50 mark.

    Wrap:
    Pullback to Week Channel bottom in progress, Last weeks action stalls the index at the Day Channel Top #D1.



    Looking Forward into this Week:

    Patterns:
    • 'Opening Black Marubozu' (Study Links herehere or elsewhere) is active on the Long Term chart #M1.
    • Channel Top, hit on the Day Chart #D1. Channels, worth a study.(Study Links herehere or elsewhere
    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 daily 5 EMA, is the support that the bears would want to close the week below - to start some downward traction.
    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 see the Pullback from the Weekly 200 SMA, to the Week Channel Bottom #W1, continuing, after a Pop out of the Day Channel.
    Bears depend on the resistance at the 'zone' of the Day Channel Top line #D1, to help them get some more red on the screen.