- Hour of apple approaching resistance levels with negative divergence.
- But the hourly trend is safe for bulls as can be seen from the second chart.
- So One should wait for confirmation for divergence to take effect.
- AMAZON SUPPORT AT WEEKLY TREND LINE
January 6, 2012
- Above weekly charts shows strong support near 166 levels.
- Break of this level will be bad for bulls. But for now indicators and Fibonacci levels shows good risk reward ratio for a long trade.
- Today's closing is important as a bullish weekly candle here will confirm a short term bottom for Amazon.
- BANK OF AMERICA CHART ANALYSIS
- SPY TREND UPDATE
- Bank of America has given an up move yesterday.
- Weekly chart shows price testing the middle bollinger band. For bulls price shall close above Weekly bollinger band for a bigger up move to happen. Price getting resisted at Middle bollinger band and staying below 6.31 levels will favor bears.
- For bulls price should stay above the daily ichimoku cloud and 6.31 levels to continue the up move.
- SPY TREND UPDATE
- Price took support near 50 Hour SMA. For bulls closing above 200 Hour SMA will extend the up move into next week. closing below it will keep price range bound.
- Nifty sustaining below 50 Hour SMA will favor bears. Bulls has to protect day low and take price above 50 hour SMA to avoid a bigger correction.
- Break of the Range discussed in an earlier post has given a downside breakout and a short trade.
- More falls if day low is broken again.
- Price may target the gap between 4643 - 4676 if day low gets broken.
- For up moves 4725 - 4730 level which was broken may act as resistance. Bigger pull back can be seen if this level is taken out by bulls.
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