June 18, 2011

  • RIMM has given another GAP with Huge volume spike. 
  • Last two gaps too were accompanied with Volume spikes and they were left unfilled. This time volume is even higher so this GAP too may remain unfilled.
  • Weekly chart is shown with major support line break and look at that weekly RSI staying below 30% for ever.
  • So unless we see a Bullish reversal candle in weekly time frame this stock will continue to grind down.
  • S&P 500 Nearly gave its 7th bearish weekly candle in a row. In the end just manage to close in the green.
  • Price has taken support at 200 DMA for now. But weekly candle is a Doji so it can go either way. If price slips below 200 DMA it may go down to 1250 level.

  • Dow jones 30 Minutes chart with support and resistance lines.
  • Bulls are making another attempt to break above the resistance line.
  • If bulls manage to break and sustain above the resistance line we may get a green weekly candle after six bear candles.

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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