February 14, 2011

APPLE Ascending channel

  • Apple hour is moving up in an ascending channel formation
  • But Stochastic indicator is hinting of a possible correction towards the support line of the channel.
  • If price takes out the recent high another up move towards the resistance line can be seen
  • CUP AND HANDLE PATTERN OF GOOG

S&P 500 Before opening bell

  • ES Hour chart with a rising resistance line that is acting as resistance at overbought levels. Break above 1330.25 will take ES to the resistance line once again.
  • Support levels are at 1322.25 and 1308.50.
  • GOOGLE CUP AND HANDLE PATTERN

Nifty Futures intraday update

CHART-II
  • NF Closed above the resistance line mentioned below. NF may target 5510 levels from here.
CHART-I
  • Nifty Futures swings in favor of bulls.
  • But has it the resistance line. NF will face its first line of resistance at 5540 level. 
  • Closing above this level will keep the bullishness intact.
  • NIFTY WEEKEND UPDATE

DLF Chart analysis

  • Price of DLF is at a crucial place. It is near the down trend line which acting as big resistance for the stock.
  • Breaking above this line can give a good bounce for this stock.
  • But as shown in the next chart any bounce above 20 DMA is not sustaining.
  • So once should watch the Fib level carefully. If price sustains above 38.2% (246.4) we may see an initial rally towards 256 (50%) Fib level and then towards the 50 Day moving average.
  • Price action of DLF suggests that many people are long from 214 levels. They should keep trailing stop loss in order to lock in profits. 
  • NIFTY WEEKEND UPDATE

CUP and HANDLE pattern of GOOGLE

  • There is a Cup and Handle pattern forming in Google's weekly chart.
  • Price is getting support from 20 week moving average. Sustaining above this moving average will result in a breakout.
  • Breaking above 630 and sustaining above this level may give the cup an handle effect to google.
  • Considering the size of the pattern a successful breakout can give good upward momentum for the stock.
  • CISCO WEEKEND UPDATE