June 18, 2012

APPLE Chart analysis

  • Apple bulls trying to stay above 50 day sma. Last attempt to stay above this level was failed. Bulls need a  daily close above this level.
  • Bulls also need a daily close above the Ichimoku cloud for extending this up move.
  • 588 is the immediate resistance in hour chart.

GOOGLE At Weekly support line

  • Google testing crucial weekly up trend line.
  • Google bulls must sustain above 560 and the Golden ratio shown in last chart.
  • Falling below the golden ratio may give a deeper correction.
  • For google bulls price must move above 20 Day SMA for a bigger bounce.

ES Support and resistance lines

  • ES four hour chart shows price contraction in a bearish continuation pattern.
  • 200 and 50 period SMA of four hour still favor bulls. Price falling below these lines will favor bears.
  • ES Daily getting resisted at the cloud is not a good sign for bulls. For a bigger up move price has to break above the daily cloud.

NIFTY Chart Analysis

  • Price closed the week above 50 Week SMA as shown in last chart.
  • Multiple resistance levels near 5180 - 5210 zone has to be crossed by bulls for  a bigger breakout.
  • Price is also trading above 200 and 50 SMA. Price falling below these levels on closing basis will be negative for bulls.

ES Chart analysis

  • ES Approaching Golden ratio as shown in four hour chart. This level may act as resistance area.
  • Daily picture looks good for bulls so fart. A daily close like this above 50 day SMA should extend this up move above resistance levels.