October 17, 2011
- Daily chart has hit the top bollinger band.
- MACD divergence may take affect after moving up some more.
- 431 is where the resistance line is price may give a false breakout and then start to fall.
- So the resistance level will be between 431 - 440 area.
- SPY INDICATOR STATUS
- Reliance resisted by the line which looks strong for now.
- Hope for bulls only if they manage to break above the resistance line as of now it looks bad for bulls of reliance.
- A daily negative candle here will favor bears for the coming days.
- For bulls they have to try and close the day above 870 for avoiding a negative close.