January 18, 2011

APPLE HOUR CHART (CLICK TO ENLARGE)
APPLE DAILY CHART
 
  • Apple has gaped down and is trading below its 50 hour moving average.
  • Important support in daily time frame on closing basis is 318.60
  • Up trend in larger time frame will be challenged only if bears manage to close price below 318 level.
  • If stock climbs above 50 hour moving average again this GAP will be faded in the day's to come.
  • CRUDE OIL CHART ANALYSIS

  • US Dollar is violating its support line at 79.025
  • If day closes below this level dollar will turn negative in the short term
  • Next support is at 78.30 in daily time frame.
  • CRUDE OIL CHART ANALYSIS

  • USDJPY pair is showing a flag and pole pattern in its four hour time frame.
  • If goes according to the rules this can give more than 200 pips.
  • Break below the support line will make the pattern invalid.
  • There is a long trade possible in reliance with oversold stochastic and trend line support.
  • If the trend line holds the price above it we may get a bounce in reliance.
  • Breaking the trend line will be negative and one should have a small stop loss.
  • Price sustaining below the trend line will be an opportunity to go short.
  • CRUDE OIL CHART ANALYSIS

  • Bank nifty if it holds above the trend line shown in first chart will give a small rally towards its 200 DMA.
  • MACD Bars are showing positive divergence with price. But price has not shown any positive movement till now. Divergence will start to take effect only if price confirms by making a higher close.
  • If bank nifty breaks yesterday's low then positive divergence will start to vanish.
  • CRUDE OIL CHART ANALYSIS

  • The second chart shows crude oil breaking out of a triangle in weekly chart.
  • Target for this breakout comes at 100.50 approximately.
  • But for this to get achieved crude has to break above the two resistance lines shown in chart 1.
  • GOLD MINERS TECHNICAL ANALYSIS

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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