- Daily fibonacci levels important low made at 38.2% Fib level. Price breaking 23.6% level may retest that support level again.
- Weekly fib levels shows Crude oil unable to breakout above Golden ratio. Price if continue to get resisted here will result in good correction.
- Golden ratio is also the neck line of a possible inverted head and shoulders pattern.
- RESISTANCE LINE OF APPLE
January 25, 2012
- EURUSD Getting resisted at 50 Day SMA.
- Price is also below ichimoku cloud of daily time frame which will act as resistance.
- There is a possible bullish formation trying to take shape. Price sustaining below 1.2826 levels will negate the bullish possibility. Medium term trend change possible only on price breaking above the cloud.
- SBI was moving up with light volume. After yesterday's news volumes have picked up and price too moved up in favor of bulls.
- Closing above 200 SMA will help bulls to extend this up move.
- Month chart shows price trying to stay above 5 Month High EMA. Price has also violated a declining resistance line in monthly chart. Month closing above 5 Month High EMA will help the stock to stay bullish in the medium term.
- For bears weakness can only be expected near 200 SMA.
- Will update today's intraday chart later in this post
- SBI is showing weakness near 200 SMA. Bears need follow up selling to confirm.
- Nifty at weekly resistance line.
- Price is also approaching 200 SMA .
- These levels have acted as resistance in the past. If history is repeated we are close to a correction. Blindly going short at these levels just because it's overbought may not work. We are yet to see weakness in daily time frame. Look for weakness near 200 SMA. One should also look at the weekly charts too, Current week is the fourth bullish candle in progress. So one may also look for bearish looking weekly candles for confirming possible reversal.
- For a bull who has been carrying longs may reduce their positions here. One should not book out fully because closing above 200 SMA will extend this up move. Remaining longs can be squared off if one sees weakness near 200 SMA.
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