April 8, 2012

  • Bearish weekly candle has give a correction. But a bigger fall will be possible only if the up trend line gets broken.
  • MACD indicator in daily time frame has given a sell Now price has to sustain below 20 Day SMA and the up trend line for a bigger fall to happen.
  • For bulls of Google price has to move above 20 Day SMA for a possible test of the resistance line shown in daily chart.

  • First chart is the weekly time frame which shows 1370 which was the previous resistance level which may act as support.
  • Weekly MACD shows a sell signal in the making. on the left of the chart note how price went into a range after a sell signal followed by a big fall. for now price may give one more rally from 1370 levels before the big sell signal.
  • Price has fallen below 20 Day SMA. It should be difficult for bears to break below 50 Day SMA and 1370 levels.


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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