- RIMM Daily has slipped below 200 day moving average. Price has not moved away too much from 200 DMA. Chance of a bounce is seen in the weekly chart.
- Price is testing the 61.8% Fib level in weekly chart. If weekly candle confirms a reversal candle on Friday we may see buying coming back to RIMM.
- One has to wait till the weekend to confirm a reversal candle, Because if 61.8% Fib level breaks then more downside is possible.
April 13, 2011
- ES Hour has to break the resistance line in hour chart for continuing the upward momentum seen today.
- Crucial Fib level of 61.8% is at 1324. This level has to be crossed on closing basis for things to turn completely in favor of bulls.
- If Price gets resisted at 38.2% then price will slip towards 1312 level.
- ES HITS 50 DAY MOVING AVERAGE
- Price is respecting the weekly reversal candle formed last week.
- Bears will be safe to hold on to the short positions as long as price trades below 5850.
- Price Trading above 5850 means entering the tail of the reversal candle which will make bears uncomfortable.
- Reversal candle has formed after price hitting a broken trend line which acted as support.
- CRUDE OIL BACK TO THE BREAKOUT LEVEL
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