August 24, 2011

  • AAPL four hour chart with support and resistance line.
  • Today's up move is stopped at the resistance line.
  • Support for the stock is near 354 levels.
  • Resistance line and 385 level will act as resistance in case of an up move.
  • BROKEN TREND LINE OF GOLD


UPDATED CHART FROM BELOW
CHART-I
  • Gold has corrected from its high's following the negative divergence shown in four hour chart.
  • Now profits for bears will extend only if the trend line in four hour chart gets broken.
  • Price falling below 1822 will favor bears of gold.
  • SLV BEARISH PRICE ACTION
  • ES is sustaining above 50 Hour moving average and the cloud.
  • Today's important numbers are 1160 and 1138.
  • Price falling below 1138 will favor bears.
  • 1160 levels may act as resistance. the levels are likely to be violated on the upside.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Nifty hour shows the effect of bearish cross.
  • Price yet to recover and have not violated 50 Hour moving average on closing basis.
  • Nifty is also staying below crucial trend line drawn from 5700 levels.
  • So it remains a sell on rise as of now.
CHART-II
  • Futures should sustain below 4903 for further down moves to happen
CHART-I
HOUR CHART BELOW IS NIFTY FUTURES
  • 15 Minutes is moving up in a channel
  • Hour is knocking at 50 hour moving average again. (HOUR CHART NIFTY FUTURES)
  • Breaking the channel will be negative.
  • Hour chart if stays above 50 Hour moving average then nifty will continue to move up in the channel.
  • Closing above 5 day high ema will add strength to this pull back.
  • Failing to close above 5 day high ema will be negative.
  • Indicators are starting to turn positive But they are still in bearish territory.
  • Price doing a good breakout above channel resistance line will also help bulls.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • If 20 DMA and 50 Hour SMA gives support 1208 levels looks possible for bulls during this week.
  • But  one should remember that this consolidation is happening in a down trend. And 20 Day SMA acts as stiff resistance during such trends So we shall see how price reacts from there when it hits it.
  • SLV TREND UPDATE
  • SLV hour is approaching a gap and 50 Hour moving average.
  • So for bears to extend the gain they have to break and close below 50 Hour moving average and the GAP.
  • Price staying below 41.19 will be negative.
  • Bulls of SLV should hope that the GAP and 50 Hour moving average acts as support.
  • SILVER BREAKOUT FAILURE

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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