December 16, 2011
- SINA Month chart shows possible support between 47 - 49.50. Price closing below 47 will extend this correction.
- 2nd chart shows price falling into the Multi-year Trading range from were SINA gave a breakout.
- If 47 levels does not hold on closing basis Price may move towards the lower end of the range shown in 2nd chart. 59 Now becomes a resistance level.
- APPLE CHART ANALYSIS
- Price is near a resistance line in four hour time frame. This line has acted as stiff resistance so far.
- Moving averages are showing a bearish setup. Price continue to sell off from 20 Period SMA.
- If price manage to stay above the resistance line we may see an up move towards 50 SMA.
- Bearish candles near the resistance line will lead to another fall.
- Nifty got resisted at 50 Hour SMA. It continue to break all support levels. Sustaining below 4639 will lead to deeper cut.
- Nifty hour stuck between 20 Hour and 50 Hour SMA.
- Once this range gets resolved price may move to the next resistance levels like 4840.
- Closing below 20 Hour SMA will keep bears interested.
- Positive divergence discussed yesterday has given a bounce.
- Now price has to sustain above 4840 - 4866 level which has acted as support resistance in the recent past.
- Sustaining above the 4840 - 4866 level may extend this up move.
- Failure to move above 4840 level will be negative for bulls.
- NIFTY INTRADAY LIVE CHART
- Reliance daily chart is showing positive divergence, Price is getting support near 720 levels. But upward momentum may not come until price close above 5 Day High EMA.
- Price is also testing 5 Week Low EMA. Weekly close above 5 Week EMA will give strength for bulls of reliance. If an up move happens 20 SMA will act as resistance.