March 21, 2012

  • Google week is trying to stay above the selling zone.
  • Last attempt to stay above the selling zone was stopped by a perfect shooting star pattern.
  • Month candle is approaching a resistance line. Getting resisted here will result in another fall. Look for weakness in weekly chart for a possible short trade. 
  • AMAZON TRIANGLE BREAKOUT
  • Hour closing above 20 Hour SMA may lead to 1414.
  • 50 Hour SMA and 1397 may act as support. Breaking below these levels may result in a bigger fall.
  • CISCO BREAKING RESISTANCE LEVELS
BIDU DAILY CHART
BIDU FOUR HOUR CHART
  • Bidu daily chart trying to breakout above the resistance line.
  • Daily candle closing above this resistance line will confirm a breakout.
  • Four hour chart too is showing a triangle breakout which if works well can give another 12 points on the upside. 
  • CISCO BREAKING RESISTANCE LEVELS
  • Amazon has given a Triangle breakout.
  • Daily chart is approaching 200 SMA which will be tough to cross. 
  • Weekly chart shows Ichimoku cloud which should be taken out for a long term up move to happen.
  • Immediate Resistance zone is between 196 - 199 levels as shown in last chart.
  • CISCO BREAKING RESISTANCE LEVELS
  • Charts showing the importance of 5170 - 5190 zone.
  • Immediate support is 50 SMA. Resistance at 20 SMA.
  • Weekly stochastic has given a sell but price yet to move below 50 Week SMA  as shown in last chart. Sustaining above 50 Week SMA will negate this sell signal. Weekly close below 50 Week SMA will favor bears.
  • Cisco continue to make higher highs. The golden cross is doing well and dips are getting supported at the cloud.
  • Price is trying to stay above the major resistance level which is 200 Week SMA. Closing above this level will strengthen this up trend further.
  • APPLE ASCENDING TRIANGLE PATTERN
  • Four hour chart shows price continues to make lower lows. Breaking below 31.57 will extend the fall.
  • For an up move price has to sustain above the resistance line shown in first chart.
  • Price is also testing 50% Fib level and 20 Week SMA which are important support levels.

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My Favourite Quote

"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