- Amazon Weekly chart continue to move up with negative divergence.
- Correction will happen only if the trend lines gets broken. If the blue trend line is broken we will see good correction. If not price will continue to move up with negative divergence.
- MSFT WEEKEND UPDATE
August 1, 2011
- Falling wedge has given a breakout in favor of bulls. Price has resistance at 40.30 levels, Trading above this level can extend gains for bulls.
- Falling wedge of silver in hour chart.
- Price breaking above the resistance line may take silver above 40 levels again.
- Price breaking the support line will negate the falling wedge
CHART-II - UPDATED
- IHNS is negated, price fell below 50 Hour moving average giving gains to bears.
- ES hour chart has a possible inverted head and shoulders pattern
- For bulls price shall stay above 50 Hour moving average.
- Price falling below 50 Hour moving average will favor bears and IHNS may not happen for bulls.
- S&P 500 WEEKEND UPDATE
- Nifty four hour chart with Important candlestick patterns.
- Reversal from 5700 levels was started by an inverted hammer or a shooting star.
- Now Most of the analyst are seeing a short term bottom here. Four hour candle formed there was a Dragon Fly Doji.
- So look for high probability candlesticks in higher time frame near important support resistance levels for high success ration. Never look at candlesticks alone. Combine with other classic technical analysis tools like support resistance. Pivot levels and moving averages.
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