- Apple daily time frame with Ichimoku cloud.
- Last time Apple gave a breakout above cloud it was trading at around $260 level.
- Now Apple is again testing the cloud.
- Breakout above the cloud and 354 level can give fresh high's for apple.
- Break and close below 326 can start a down trend in daily time frame.
- ES IN A CHANNEL
April 6, 2011
- Bears finally got a negative candle and it has come at the resistance line.
- Every candlestick pattern needs confirmation so price has to open trade and closer lower for this one to be effective. Price action above the hanging man candle will make the pattern weak.
- Two other things that should worry the bears is the strength of the indicators. Although they are showing overbought readings that is also showing the strength of the bulls. So an indicator like Stochastic should dip below 80% level for a correction to happen.
- Then price continues to close above the Golden ratio. Which increases the chances of an up move.
- DOW JONES NEGATIVE DIVERGENCE
All the contents of niftychartsandpatterns are for educational purposes only and are not Investment Advice or recommendations offered to any person(s) with respect to the purchase or sale of the stocks / futures. Niftychartsandpatterns shall not be held responsible for the actions of individuals, parties, or corporations taken in response to the ideas, thoughts, concepts or information presented in this blog. Hence all the visitors are requested to apply their prudence and consult their financial or investment adviser before acting on any of the Ideas in this blog.