Pages

SPY Technical analysis

  • SPY Weekly chart shown with a resistance line in weekly chart.
  • The resistance area is between 131 - 132. 
  • But the bulls are getting good support from 20 and 50 day moving average. Price is trading well above 20 DMA which has a nice upward slope suggesting the strong up trend. Price falling below this would indicate some weakness.
  • Next chart will give some interest for bears as it shows negative divergence between price and force index. This has been diverging for quite sometime now without any major gains for bears. So one can expect a major correction soon. But Price has to confirm before negative divergence can take affect.
  • APPLE WEEKEND UPDATE

No comments:

Post a Comment

DISCLAIMER

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.