December 29, 2011

  • Description in chart click to expand.

  • Apple is showing a bearish engulfing pattern near resistance levels.
  • Bulls has to cross 409 - 415 level which is acting as resistance now.
  • There is a gap between 409 - 415 may extend the current up move in apple. If bearish engulfing is effective we may see a correction in apple towards the support line shown in second chart.
  • 99 is important level for crude oil hour chart to hold.
  • Price has already fallen below the hourly cloud which is negative. This is a sell on rise situation according to Ichimoku cloud till price breakout above the cloud.
  • Breaking below 99 Level will strengthen bears of crude oil further.

  • Silver weekly chart looks weak. Price has support at 26.02 Breaking below 26.02 will take silver to its weekly support line.
  • Price has broken 100 Week SMA. Closing below this level will be bearish and price may target the golden ratio shown in weekly chart.
  • MCX Silver chart is shown below this post.

  • Hour chart shows price breaking down from consolidation patterns.
  • Immediate resistance for Silver now is 523 - 528 level which was the last broken support level.
  • SBI Trending down towards 78.6% Fib level as shown in weekly chart.
  • Price is moving between Lower BB and Middle Bollinger band.
  • See how MACD keep on diverging without any major bounce yet. Bounces due to divergence are getting smaller. Stock might give a good pull back but anticipating that trade will be costly. 
  • So for now its better to sell at Middle Bollinger band.

  • Gold is approaching its weekly supporting trend line. But daily chart is trending down below 50 and 200 Day SMA. Which hints that the fall might continue for some more time before a bottom formation.
  • Week chart shows price above the Ichimoku cloud. Stochastic is about to go below the 20 line for the first time after 2008. Oversold stochastic and Ichimoku cloud may save bulls from a deeper correction.


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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