February 20, 2011

  • Apple made a high of 364.9 last week and started correcting from there. 
  • Daily chart shows price getting resisted at the resistance line of a channel formation. Price is moving towards the lower part of the channel.
  • There are few support areas that bears need to break before moving towards the bottom of the channel. 348 is a support area in daily chart. Price has halted on the 20 day moving average on Friday. Break of 20 dma and 348 may push price down to the bottom of the channel and give 341 levels as target for next week. If price gets support at 348 and 20 dma things will favor bulls again.

  • MSFT daily chart is trading near support and resistance level.
  • Weekly chart has taken support on  a trend line. If this trend line in weekly char is held we may see an up move towards the resistance line in weekly chart.
  • 200 dma is the crucial level price can either get support here or a break and close below 200 DMA will favor bears.


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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