March 27, 2011

  • Intel weekly chart shows price near weekly trend line which may result in a bounce from the trend line in favor of the bulls.
  • Main resistance bulls need to cross is the 200 day moving average.
  • MACD in daily time frame is showing a bullish alignment.
  • So one can stay long above 200 dma towards 22 with a small stop loss.
  • Bigger correction possible only if the weekly trend line gets broken.
  • SPY WEEKEND UPDATE

  • Down trend line in weekly chart is broken and stock has started to move up.
  • Stock can move up till its 20 week moving average which is near 260 level. Close above this level can give further upward momentum for the stock towards 50 week moving average.
  • Weekly MACD is about to give a buy signal which is good news for the bulls of DLF.

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"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