May 1, 2011

  • 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
  • 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

Disclaimer

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.

Followers

Blog Archive

Powered by Blogger.

My Favourite Quote

"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