November 27, 2011

  • APPLE Daily is near 200 SMA
  • Indicators in daily chart is showing oversold readings.
  • Price is yet to confirm a reversal. Last chart shows a falling wedge like pattern which should help bulls if price breaks and closes above the upper trend line.
  • Price sustaining below 200 SMA and breaking below the weekly trend line will be negative for apple.
  • SPX WEEKEND UPDATE
  • Weekly chart shows possibility of the correction continuing. Daily chart is calling for a bounce from oversold status with price calling at the Golden ratio. But for any turnaround price has to confirm by giving a higher close in hourly charts At the moment price rending down below 20 Hour SMA which should help bears to extend this fall.

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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