January 4, 2012
- Microsoft Testing the resistance line of the triangle pattern
- Daily chart is shown with volume.
- A Bullish candle with volume spike at this stage can give an extended up move for MSFT.
- Bearish candle at the resistance line with Volume spike will favor bears for a correction towards the support line of the triangle pattern.
- S&P ANALYSIS AFTER CLOSING BELL
- CNX - IT Weekly chart with Horizontal resistance line and a falling resistance line which should act as resistance if this index gets there.
- Price should also sustain above 50 Week SMA Which is around 6300 for this up move to sustain and move towards the weekly falling resistance line.
- CNX IT LIVE CHART
- Ascending triangle formation of SPX is showing a breakout.
- Price has to stay above 1277 and 1292 levels which may act as resistance now.
- 50 Day SMA is rising towards 200 SMA for a bullish cross over to happen. For this the current resistance level 1292 has to be taken out easily. Failing to move above 1292 may give a bearish trade. Price closing below 200 SMA will be the first sign of weakness.
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