November 21, 2011

  • Apple daily chart is approaching its 200 SMA.
  • Last hit at 200 SMA gave a good long trade.
  • Closing below 200 SMA will strengthen bears. 
  • RISING WEDGE OF US DOLLAR
  • US Dollar four hour is moving up in a bearish pattern.
  • Bearish breakdown percentage from rising wedge is 69%. So an upper breakout cannot be ruled out.
  • BEARISH CANDLESTICK OF CRUDE OIL
  • ES hour chart may give a small bounce because of positive divergence. But Daily time frame shows price below 50 SMA which will favor bears. For bulls long opportunity only if they manage to close above 50 Day SMA.
  • BEARISH CANDLESTICK OF CRUDE OIL
  • Price falling below Friday's low may push it towards 4720 level.
  • If an up move happens Day Low EMA and 50 Day SMA may act as resistance levels. Strength for bulls only if they manage to close above 50 Day SMA.

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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