July 19, 2010

  • The weekly chart is looking weak. If 10000 breaks and a weekly closes below 10000 would be bad news for the bulls.
  • See how the the lower support line works perfectly but every time the support is getting lower and lower.
  • HEAD AND SHOULDERS OF APPLE INC
  • Apple Inc daily chart is showing a head and shoulders break down.
  • The stock was in down trend ever since the bearish engulfing appeared at top of the trend.
  • Now if the price closes below the neckline the bearishness will continue.
  • SEE HOW BEARISH ENGULFING FORMED IN APPLE INC
  • TCS will face resistance at these levels. It is trading below the weekly resistance trend line.
  • Only a break and close above this trend line can give the next up move.
NIFTY DAILY VIEW
NIFTY DAILY VIEW
NIFTY WEEKLY VIEW
  • Nifty daily chart is showing a clear raising wedge which is a bearish pattern.
  • Break and close below the trend line would result in good correction. The week trend line will also break in such  a situation. 
  • The volatility may increase today because of the way the U.S. Markets ended on Friday, But bulls would be hoping that the trend line and the support line daily chart holds at least on closing basis.

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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore