January 22, 2011

  • Apple has given a bearish looking weekly candle.
  • Long tail of the candle shows selling pressure at the top of the chart.
  • 2nd chart is the most important one the daily line chart shows a support zone between 316 - 318 Break of this level will trigger further selling.
  • Stock is close to 50 dma, break of this moving average will make the bears happy.

  • Suzlon energy is forming a triangle pattern in weekly chart.
  • 2nd chart shows the stock in a strong down trend below 200 DMA.
  • Considering the trend of the stock a downside break can give a safe trade. 
  • Upside breakout may find resistance at 200 DMA.
  • SPY 30 minutes chart with support and resistance lines.
  • Break of support or resistance lines shown with arrow can give good direction.
  • Price action itself is in a big descending pattern so price may get resisted at the resistance line. having said that price breaking above the resistance line can resume the up trend once again.
  • Bulls will gain strength if price goes above 129.20.


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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