December 16, 2011

  • SPY has partially filled the GAP between 120.80 to 123.22
  • So an up move might happen only after filling this GAP fully.
  • GAP will be filled near Golden ratio(61.8%) So chances of  a bounce from near this level is high.



  • 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

  • Apple's Indicators in daily chart is hinting of the current correction getting extended possibly towards 200 SMA or towards the weekly trend line.
  • For Bulls price has to close above 20 Day SMA. Price sustaining below 20 SMA on closing basis will extend this correction towards 200 Day SMA.

  • 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.


CHART-II
  • Nifty got resisted at 50 Hour SMA. It continue to break all support levels. Sustaining below 4639 will lead to deeper cut. 
CHART-I
  • 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.

Disclaimer

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"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