April 20, 2012

  • Apple hour charts looks bearish as it trades below 50 and 200 Hour SMA. Any rise from here will find resistance at these levels.
  • Day chart is trading near 50 Day SMA. If price takes support at this level we may see an up move in apple. For a bigger up move to happen price need to stay above the levels shown in the last two charts.

  • Crude oil daily chart shows price contraction and price approaching the apex of the pattern which may lead to a breakout or breakdown.
  • Price also near the resistance line of a falling channel.
  • An upper breakout can be confirmed on closing above 50 Day SMA.
  • Trading below 100.68 may lead to a bigger correction.

  • ES one hour chart the channel with 50 Hour SMA. Price sustaining above 50 Hour SMA may lead to the channel top gain.
  • Four hour chart shows price getting resisted above 200 period SMA. Bulls need a clear breakout above this level or another correction towards 50 Period SMA of four hour chart can happen.

  • Bulls of nifty need a daily close above the cloud.
  • Bulls also need a weekly close above the falling resistance line and 5 Week High EMA.
  • If today's closing is above 5282 a bullish engulfing formation can be confirmed in weekly chart.
  • S&P 500 EOD UPDATE

  • Four hour chart shows crucial support at 200 period SMA. Price is yet to violate this moving average line. Today's up move was resisted near 50 Period SMA as shown in first chart.
  • In the bigger time frame the 20 Week SMA which is rising should act as a major support in the short term.


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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