January 9, 2011

  • Bidu has closed above its 50 day moving average.
  • Stock has one more resistance line to cross in the daily chart before it can turn really bullish.
  • Breakout can give fresh high's for Bidu. 
  • Supporting Trend line in weekly chart too looks strong .
  • Stock if unable to sustain above 50 DMA it will be negative in the short term.
  • CISCO TRYING TO FILL THE GAP
  • FALLING WEDGE OF CRUDE OIL

DAILY CHART
DAILY CHART
WEEKLY CHART WITH FIBONACCI LEVELS (CLICK TO ENLARGE)
WEEKLY CHART WITH STOCHASTIC INDICATOR
  • Two daily charts and two weekly charts of Cisco systems.
  • First chart shows price entering the GAP in daily chart.
  • 2nd chart shows price closing above its 50 day moving average.
  • Weekly chart shows good support at 19 levels that is the 61.8% Fibonacci level in weekly chart. Price has gone up from there, broke above 50% level and closed above 50% fibonacci level. If price sustains above 50% Fib level then the next logical target would be the 38.2% Fibonacci level which is at 22.34. For this level to be achieved price should stay above its 50 day moving average.
  • Weekly stochastic is also looking positive.
  • FALLING WEDGE OF CRUDE OIL

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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