October 24, 2010

THE GOLDEN CROSS - DAILY CHART
CHART FOR THE BULLS
CHART FOR THE BEARS

  • Daily chart has confirmed the  GOLDEN CROSS in SPX. 
  • 2nd chart shows how price is moving up and maintaining a steady distance from the 20 DMA. The golden cross will give good results if Bulls manage to keep the price above 20 DMA.
  • Last chart shows how the correction happened in weekly chart. Near 1200 we had a PIN BAR reversal candle followed by BEARISH ENGULFING (not a perfect one). We are yet to see some of those bearish candles yet. So till then the medium term will look bullish.
  • GOOGLE WEEKEND UPDATE
  • APPLE WEEKEND UPDATE
  • CRASH OF THE US DOLLAR

WEEKLY INVERTED - HNS
WEEKLY TRIANGLE
HOUR CHART
  • Google Week charts showing inverted head and shoulders and Triangle pattern.
  • One full week has passed after the big gap up. Stock has stayed above the gap and has maintained the breakout in weekly charts.
  • The next important resistance point is shown at 629 area.
  • Hour chart is showing a consolidation triangle pattern which will give direction on monday with an expected breakout on the upside and the continuation of the up trend.
  • BAIDU WEEKEND UPDATE
  • APPLE WEEKEND UPDATE
  • CRASH OF THE US DOLLAR

  • Baidu made a gap up on friday to break its high of 107.
  • Friday also saw the highest volume day for the stock in recent times.
  • Stock was trading between 95 and 107 for quite some time. So if the stock manages to clear this 107 level its next target is 11.
  • BAIDU NEAR 50 HOUR MOVING AVERAGE

CHART-III
  • US Dollar crashed below 74 followed by a neck line break of the head and shoulders. 
  • Price also went below the support line of the broadening top pattern. But has managed to come back into the pattern.
CHART-II
CHART-I
  • US Dollar index is showing a broadening top pattern and a possible head and shoulders pattern in its four hour chart.
  • Breaking 77.064 is bearish and will bring the index to the bottom of the broadening top pattern, It will also mean a break of the Head and shoulders.
  • If the index holds 77.064 Price will move towards the top of the broadening pattern.
DAILY CHART
HOUR CHART
  • Apple Daily chart showing the supporting trend line and the resistance line.
  • It seems the stock will get another lift from the supporting trend line.
  • The Hour chart shows that the current correction may be limited to 300 levels. If the stock gets support at the trend line it may lead to a breakout of the above trend line which can take out 318 levels again.
  • DIAMOND PATTERN OF S&P 500

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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