August 5, 2011

  • Price is bouncing from the base of the cloud.
  • 200 week moving average is around 1156 level.
  • It looks like price may not breach 200 Week moving average today. But the technical damage so bad it will be tough for bulls to hold on to these levels during the coming weeks.
  • From 5 Minutes to 30 Minutes price is still below 50 period moving average.
  • Bulls are finding it difficult to hold on even in the 5 Minutes chart.
  • A definite change will happen above the cloud in 30 Minutes time frame.
  • AAPL has faded the earnings GAP.
  • Price is trading below the GAP and if price continue to sustain below 50 hour moving average correction may extend.
  • Price may hit 368 which is the 38.2% Fib level
UPDATED CHART
  • Crude oil has broken the weekly channel in which it was trending up.
  • Trading below 89 - 93 will favor bears.
  • 89 - 93 level will act as resistance in case of an up move.
  • Trading above 93 will be bullish for crude oil.
  • HEAD AND SHOULDERS OF UNITED STATES OIL
  • Gold 30 Minutes chart with a trading range.
  • 1639 - 1682 with 1657 as the mid point.
  • If price stays above 1657 a retest of 1682 is possible.
  • Below 1657 price may move towards 1639 level.
  • Breakout from this range can give good move.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Bears need to break the support line shown in daily chart for the next big fall to happen.
  • Above Scenario was discussed in an earlier Weekend Post
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Weekly chart is yet to show oversold readings.
  • Indicators in weekly chart is moving slower and price is moving faster sometimes this shows the strength of the trend.
  • Important levels in weekly chart is getting broken easily. Was expecting 1217 to hold for at least one day, It did not. It seems next stop is around 1150 levels.
  • Daily chart looks oversold and will it give a bounce? In a normal situation we would have seen a bounce But this one looks like a strong bear rally and most of the rally in such situations takes place by staying oversold. Even if we get a bounce 1217 levels which was broken may act as resistance.
  • SILVER CHART ANALYSIS

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"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