October 18, 2011

  • Microsoft Weekly chart shows price near the resistance line of the triangle
  • Indicators in daily chart shows overbought readings.
  • Day closing below 26.61 will favor bears of MSFT.
  • Risk reward ratio seems to favor a bearish trade unless msft decides to breakout of the weekly triangle pattern.
  • GOLD BEARISH PRICE ACTION
  • Gold four hour has given a breakdown from a continuation pattern.
  • Price has violated 20 SMA in daily Time frame. Daily candle closing below 20 SMA will favor bears of gold in the short term.

  • First chart shows the possible support line for bulls.
  • for bulls Hour chart has already done lot of damage by breaking below 100 hour SMA and the hourly cloud.
  • This will be a sell on rise market until price moves above the cloud again.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • Support line of the descending triangle is acting as resistance.
  • Stochastic is showing overbought readings in daily time frame.
  • Price may move towards 50 or 20 SMA if stochastic triggers a sell. A bigger fall may happen only if price breaks below 50 and 20 SMA.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
  • SPX Hour chart shows price falling below 20 and 50 Hour moving average.
  • In daily we have a bearish engulfing pattern. Price ye to break below 20 and 50 Day SMA.
  • Weekly chart shows price falling down from resistance levels.
  • This fall will pickup speed once it stays below 20 and 50 DMA. 
  • AAPL NEGATIVE DIVERGENCE

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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