- Oracle Weekly chart is consolidating near 200 Week SMA.
- If 24.71 levels hold price may start to fade the GAP shown in Daily chart. The expected bounce may not be a big up move as daily chart is still below 200 and 50 day SMA.
- Price sustaining above 50 Hour SMA will favor bulls in the short term. If price starts to fall from 50 Hour SMA then the low 24.71 and 200 Week SMA may get tested in the coming weeks.
- SPX YEAR END ANALYSIS
January 2, 2012
- For Rcom Its better to look for a selling opportunity at higher levels.
- For buying Rcom one has to wait for price to breakout above 50 Day SMA and the resistance line. A short trade near the weekly resistance line after a bearish candle will give good risk reward ratio. Taking long anticipating a breakout may not be a good move.
- Stochastic will reach overbought zone if price moves up for one or two day's. Then Bulls should hope that stochastic stay over Bought and the stock give a trending up move.
- First chart shows the weekly support level breaking and then the same acting as resistance. We have a similar setup developing in weekly chart with 700 - 720 level which may act as potential resistance level now.
- Price staying near weekly lower bollinger band and below 5 Week Low EMA which might give a trending down move. Up moves may get resisted near 5 Week Low EMA.
- Weekly stochastic is showing oversold readings. But price need to stay above 720 levels for a bigger up move to happen.
- RELIANCE INDUSTRIES INTRADAY LIVE CHART: CLICK HERE
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