- Bank of america has fallen below 200 SMA which is bad news for bulls of BAC.
- Daily chart continues to fall down in a channel.
- Price has also fallen below the golden ratio. Closing below the golden ratio and 200 SMA Could strengthen bears further to extend the fall.
- Bulls of BAC need to get back above 200 SMA to minimize the damage.
- APPLE TREND UPDATE
May 21, 2012
- If EURUSD breaks last weeks lows then the levels mentioned in the first two charts may be tested the 78.6% Fib level and the support line.
- Month chart is bouncing from the Trend line shown in the last chart. If the trend line gets violated then the marked support zone between 1.23 - 1.25 may come into play.
- ES TREND UPDATE
- For bulls a daily close above 5 day high EMA should result in a bounce.
- Weekly chart shows price bouncing from Lower bollinger band. If last week's lows are held then a channel is likely to play out as shown in the last chart.
- Crucial resistance levels if nifty decides to move up are
- 5 Day High EMA 4934
- 5 Month Low EMA 4937
- 5 Week Low EMA 4975
- SBI CHART ANALYSIS
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