- SPY Falling to the support line
- 50 Hour SMA too is near the support line. So a breakdown below these two levels may give an extended correction. Getting support at 50 Hour SMA may give an up move towards the recent high's again.
- APPLE BEARISH FLAG
February 22, 2012
- 38.2% Fib level seems to be an important Support and resistance zone. Important for bulls to stay above it for avoiding a correction.
- Price also need to stay above 100 Hour SMA. Last fall towards it gave a bounce. It is getting tested again. Price sustaining below it may lead to a breakdown towards 50% or 61.8% Fib level.
- Weekly chart is with price action till yesterday. Daily is showing today's price action.
- Daily candle is testing the channel resistance line. Only a negative closing can save bears of TCS. Daily and weekly candle sustaining above 1260 levels may lead to a larger breakout. Price need to confirm the breakout on daily and week closing basis.
- Reliance is in a range near 200 SMA. once this range gets resolved a bigger move is expected to happen.
- Yesterday's price action was a big relief for bulls of reliance as stock was threatening to breakdown below 20 SMA instead it manged to close above 20 SMA and 200 SMA.
- Bigger move will happen once the range gets resolved.
- Google made an intraday attempt to stay above 50 Day SMA. But day closed below it.
- Fibonacci levels too shows a range between 38.2% to 50% on closing basis. Price is yet to close the day outside this range which will give good direction for google. Price closing above 50 SMA and 50% Fib level should give good up moves.
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