December 21, 2011
- Price and RSI is showing positive divergence. We may get a bounce because of Global Markets. But a sustained rally might come only if price is able to stay above the broken support levels and moving averages.
- India VIX is showing overbought levels which may also help bulls for getting a bounce. A rally or a bottom formation can be confirmed only based on closing prices.
- S&P 500 ANALYSIS EOD ANALYSIS
- Weekly and daily candles are showing good momentum. If the momentum sustains price hitting 200 SMA or the resistance line of the triangle is just a matter of time.
- 50 Day SMA is the key level to watch if bulls are able to protect it they can move higher. Break below that can trigger a correction in favor of bears.
- Apple hour chart is showing an ascending triangle pattern.
- Resistance level is at 396.29.
- Daily chart is staying above 50 Day SMA which will favor bulls of AAPL.
- For making progress on the upside price has to sustain above 396 levels. Next resistance is at 409 levels.
- GBPUSD HITS RESISTANCE LINE
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