June 23, 2012

  • IBM Had a negative week. 
  • But price is falling towards 200 Day SMA Which is near 190 and 50 Week SMA Which is at 187.
  • Weekly Lower bollinger band too is near the above mentioned levels.
  • Weekly chart is still maintaining a positive structure. The current Higher low may form at 50 Week SMA which can be buying opportunity.

  • Price closed the week above 5 Week EMA and 50 Week SMA thus sustaining momentum with the bulls.
  • Now everything again comes back to the crucial resistance levels between 5180 - 5210. Weekly middle bollinger band at 5200, 50% Fibonacci level at 5200, 100 Day SMA at 5197, and a crucial support resistance band near 5180. For bulls the bullish engulfing in weekly chart is still valid although it had not given a follow up price structure still looks good for bulls. 
  • Daily close above 5200 will favor bulls.


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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