November 21, 2010

  • First chart is showing the GAP in Google chart from 547 to 591 and a broken trend line. Break of the trend line in daily chart led to a decline up to 581. Stock took support at 581 and started moving up but the broken trend line acted as resistance this time.
  • If price breaks 581 GAP will be reduced further.
  • Second chart shows a range between 581 and 600. If range breaks the lower line at 581 price may take support at 50 DMA which will be the right place to go long. On the contrary if price breaks 600 bulls need to close above 20 DMA for a bigger up move to take place.
  • APPLE WEEKEND UPDATE
  • If 300 holds on closing basis Apple should move higher towards 321 in the short term.
  • Trend lines shown in first chart should help the bulls of APPL.
  • Important support levels for the stock is  277 and 300.
  • 321 will act as resistance in the short term.
  • Inverted Head and shoulders: SPLS
  • Staples with an inverted head and shoulders.
  • If the stock sustains above 20.85 this one can hit 23.25 in the short term.
  • has support at 20.25 in weekly chart. The second chart shows how price is trending above the 20 Week moving average which should give support for the stock.
  • Price is yet to give a breakout above the neck line in daily chart. Look for a breakout in daily chart to go long.
 
  • Unitech line chart shown with the head and shoulders breakdown and stock slipping into the bear market territory below 200 DMA.
  • Second chart shows the range of Unitech from 64 to 98. This range was shown last week. A possible test of the bottom of the range was predicted. But did not expect price to show such down side momentum. That is exactly the point for the bulls of unitech to worry the force at which the stock is tumbling down.
  • Closing below 62 will bring more bad news for the investors. A quick up move up the 200 DMA will only be possible if stock consolidates between 62 and 66.
  • The oversold status can also bring a quick up move. But one should be careful while taking long position because of the speed at which the stock is coming down.

SPX HOUR CHART
DAILY CHART
  • Hour chart of S&P 500 shows the possibility of a steady up move if the trend line at the bottom of the pattern holds.
  • Fibonacci levels shows price finding resistance near 50% level.
  • Price has closed above 20 DMA and 50 DMA.
  • Resistances are at 1217 and 1227. Price will gain upward momentum above 1217.
  • Breaking the trend line in daily chart and trading below 1173 will be negative for the bulls
  • DOW JONES ANALYSIS AFTER CLOSING BELL

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All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.

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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