July 4, 2011

  • AAPL on Friday closed at the resistance line.
  • Indicators have reached overbought levels.
  • Overbought indicator reading near this resistance line has given good short trades as of now.
  • So if price gives negative candle near the resistance line then its time to go short again.
  • DOW JONES WEEKEND UPDATE
  • S&P 500 WEEKEND UPDATE
  • Nifty daily chart with the broken trend line
  • Price is not able to sustain above this hidden trend line.
  • For bulls if they are not move towards 200 DMA they have to stay above this trend line.
  • Staying below it will favor bears.
  • Bank nifty near 200 DMA and the trend line.
  • It will find it tough to cross the confluence of resistance.
  • If it manages to cross this level then the next logical target would be the 50% Fib level shown in 2nd chart which is 11660 level.
  • Indicators in daily time frame has reached overbought levels which can give some negative or sideways action before the next up move.
  • NIFTY WEEKEND UPDATE

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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