June 25, 2012

  • Apple one hour chart shows 200 Hour SMA near 566.
  • Hour chart also shows support near 566 level.
  • Price also closing in on 100 Day SMA. For bears need a daily close below this level. Bulls need a reversal candle at this level.

  • Price sustaining below the four hour cloud and 50 Period SMA should favor bears to extend the correction towards 50% and 61.8% Fibonacci levels shown in last chart.

  • Channel resistance line discussed below has worked in favor of bears. If the channel support line or 100 Hour sma holds we may see an up move.
  • Breaking below both these levels could extend the fall.

  • Nifty hour chart shows price moving in a sideways channel. Channel has to be resolved on closing basis for bigger moves to happen
  • 2nd chart shows price with 100 Hour SMA. Which is crucial for bulls. holding this level Nifty may try to breakout above this crucial resistance zone.
  • Breaking below 100 Hour SMA shall result in a breakdown.

  • Both the daily charts are looking negative with price closing below 50 Day SMA and 20 Day SMA.
  • But weekly charts are still giving hope for bulls of reliance. Price need to trade above 715 levels for the weekly chart to stay in favor of bulls.
  • Week closing below 695 which is the 5 Week Low EMA will negative this bullish possibility

  • Silver near crucial up trend line and Horizontal support levels.
  • If these levels are to be held we may see an up move in silver.
  • Daily chart will turnaround only on trading above 50 Day SMA which is a crucial resistance level.


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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