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Monday, September 19, 2016

India - CNX Nifty 50 - Triple Screen 'Technical Analysis' - Forks and Islands - Week 4 of September 2016.











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


Patterns: 

Previous Week's Doji candle #WeekChart1, sends the index down to the Day Fork's bottom, Island reversal in Progress #DayChart1.

Support & Resistance:
Index takes support
#DayChart1, exactly at the Bottom Tyne of the Day Fork #DayChart1. Resistance was near the Island #DayChart1.

Moving Averages:
The critical EMA 5, is bullishly above the MA 13, on all but the day chart #DayChart1
.

Indicators:
The STC stays, well above the 76% Fibonacci retrace #
MonthChart2.


Wrap: 
Bears get a quick fall and set up an island reversal, Bulls hold the Fork at support #DayChart1.




 

Looking forward into this Week:


Patterns:

Index maintains green candles for the past 6 months. Bulls on Lucky 7? #MonthChart1. 
Island reversal (Study Links here, here or elsewhere) is possible on the Short Term Charts, as long as, the index keeps under 8848 #DayChart1.

Support & Resistance: 
Bottom Tyne of the Fork on the Day chart is the support to beat. for bears #DayChart1. 8849 is immediate resistance, the ATH (9119) is the next resistance.
 
Moving Averages:
The 50 & 200 MA, are a in a 'Golden Cross' on the Day Screen
#DayChart1.
 
Indicators:
The MACD and its histogram deflect off the zero line, are now in positive zone #Day
Chart2.
 

Wrap:
Bulls, on the 7th straight Green Month
#MonthChart1. Bears look for change, make a fast fall and set up an island reversal #DayChart1.