June 12, 2011

  • AAPL has closed exactly at the weekly trend line.
  • Further weakness on this stock will be seen only if the trend line and the range gets broken. 
  • Next chart shows price trading at the lower end of the range. 320 is an important level for bulls to defend.
  • Weekly chart has a bearish engulfing and shooting star candles . But for weakness to continue price should break this trading range on the downside.
  • SPY WEEKEND UPDATE
  • This Range of reliance in weekly chart has given some great trades.
  • Last Successful trade of RELIANCE was SELL the weekly stochastic. which gave great result.
  • Now again Stochastic is giving a buy.
  • Stock should remain above 919 level on closing basis for this trade to work well. If all goes well i am expecting reliance to cross 1000 in the coming weeks.
  • RELIANCE - SELL the weekly stochastic
  • BIDU Daily chart shows price near support level 115 - 118. 
  • Price is also near its 200 Day moving average which might result in a bounce from this level.
  • Stochastic in daily chart is in oversold area
  • Weekly chart also shows price hitting an important trend line. 
  • Price closing the week above 120 will favor bulls. Price closing week below 120 will make the structure further weak.
  • FALL OF BIDU WAS PREDICTED HERE - PIN BAR REVERSAL

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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