February 6, 2011

  • Apple Week, Day and Hour time frames.
  • Apple week chart shown with a resistance trend line. Every time apple hits this trend line and gives a sideways move with negative bias which is then followed by an upper breakout. For the positional bear gains are limited here.
  • Daily chart is trading above 20 day moving average. There was a scare for the bulls recently when apple went close to its 50 day moving average. But stock has came back to close above 20 day moving average.
  • Hour chart shows price breaking above an ascending triangle pattern which shows a possible up move. Breaking above 348 and sustaining above this level can give 360 and above as target for AAPL.
  • CISCO TRYING TO CLOSE THE GAP

  • Weekly chart of CNX-IT shows an ascending broadening wedge. This is  a bearish reversal pattern. One can look to go short once the supporting trend line gets broken.
  • Weekly chart is also showing an important trend line getting broken.
  • Daily is trading below 50 day moving average. 
  • So its looking negative for leading IT stocks. It can change if price in daily chart tries to move above 50 day moving average again.
  • GDX Gets a bounce from its 200 DMA.
  • Weekly chart shows a spinning Top candle at the bottom of the trend which can give an up move for price.
  • Main resistances for GDX is its 50 day moving average. 
  • 50% retrace level in weekly chart is also near the 50 day moving average So this level will be tough to break.
  • Last chart shows weekly chart with 20 week moving average. A weekly close above this moving avera will favour the bulls. Getting resisted below 20 week moving average will attract selling.
  • CISCO TRYING TO CLOSE THE GAP

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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