- BIDU Weekly candlestick chart is showing a PIN BAR Reversal pattern.
- Pin Bar's that form at the top of an extended move are very effective.
- Price and RSI are showing negative divergence for sometime now. But price has to confirm by making a lower close in daily chart.
- For now if price breaks 20 dma we may see an extended correction. Price sustaining above 20 dma will continue to favor bulls.
- APPLE IN A RANGE
May 1, 2011
- First chart shows apple weekly chart with 20 week moving average.
- Price dipping below the 20 week moving average has not given big gains for bears. Stock managed to come back above this moving average quickly.
- Last time Apple went below 20 week moving average it managed to break above 279 to give a long trade. This time too if stock manages to break the resistance level we will see price moving higher.
- Price is also trading in a broad range from 326 to 363 level shown in line chart. The same range is shown in weekly chart too and there the stochastic has given a buy signal which can give an up move to the stock.
- Price falling below 20 week moving average will be negative in the short term.
- SPY TARGET FOR THE CURRENT UP MOVE
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