- IWM Weekly chart with the channel formation.
- Price is trading in the bullish part of the channel and heading towards the resistance line of the pattern.
- Next major resistance is seen at 86.05.
- above 86.05 price will hit the resistance line of the channel.
- Price will favor bears only if it trades below the middle line of the channel formation.
- APPLE WEEKEND UPDATE
February 21, 2011
- Nifty has both bullish and bearish possibilities at the moment.
- Nifty daily candlestick pattern shows a bearish engulfing pattern.
- Hourly charts are showing a possible inverted head and shoulders pattern. Both pattern needs confirmation before one trade based on them.
- Nifty got resisted before reaching its 200 dma. price also closed below 20 dma.
- At the moment price stands between 23.6% and 38.2% Fib level. Break on either side can give a good trade.
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