February 16, 2012

CHART-II
  • Resistance line was violated. But there was no clean breakout instead Hour candles are showing indecision at the resistance line. Since the closing is above the resistance line by a small margin bulls have an advantage.
CHART-I
  • SPY Hour near channel resistance.
  • Need a clear breakout here to continue today's up move. Price is likely to give a correction from the current levels.


  • Apple hour has fallen below 50 Hour SMA after yesterday's Bearish Engulfing pattern.
  • Price sustaining below 50 Hour SMA will extend this fall.
  • 38.2% fib level shown in second chart may act as support. Bears of apple need price to fall below this level for a possible target of 472.
  • GOLD TREND UPDATE
  • Gold Sustaining below the four hour cloud will favor bears.
  • Breaking below 1700 will strengthen bears of Gold.
  • Up trend of this time frame will be intact above 200 period SMA. For a bigger fall to happen price need to trade below this level.
  • To avoid a correction Bulls has to take price above four hour cloud.
  • APPLE BEARISH ENGULFING
  • ES four hour chart shows support between 1329 - 1333 level.
  • for bears price need to close below the support lines and 100 Period SMA for the correction to continue.
  • APPLE BEARISH ENGULFING
  • Copper has closed below 20 SMA. Selling on rallies may work will till price stays below 20 SMA.
  • Breaking the support levels shown on chart will give good short trades.
  • Bears of copper will have to break 50 SMA for extending profits.
  • APPLE BEARISH ENGULFING
  • Fib levels for 5322 - 5542.
  • Price getting support near 23.6% level. Bears need a close below this level for a possible target of 5450 and yesterday's GAP.
  • Price sustaining above 23.6% may lead to a retest of 5542 again.
  • RELIANCE CHART UPDATED
CHART-II
CHART-I
  • Reliance is looking weak after a bearish engulfing pattern. It's also showing volume increase on a bearish day. 
  • MACD is looking good for bears. But the important line now is the 10 Day EMA Price need to sustain below it for sometime for the short trade to be in profit. 820 is the next support level. Trading above 855 - 860 levels may save the bulls from a fall.
  • RELIANCE TRIANGLE BREAKDOWN
  • Apple daily has given a bearish engulfing pattern at the top of the trend.
  • Bearish engulfing is a reliable pattern but need confirmation. Next day's candle should give A gap down and close near day's low with high volume which should support the bearish engulfing pattern.
  • Hour chart trading below 50 Hour SMA will help the bears of APPLE.
  • ES SUPPORT AND RESISTANCE LINES

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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