- QQQ trying to stay above 100 Day SMA. Last attempt to stay above it was failed, Daily candle closing above it should take price to the resistance line of the wedge.
- Descending broadening wedges are known to give upper breakouts in most cases. A similar pattern in qqq gave an up trend as shown in the last chart of this post.
July 3, 2012
- Tata motors daily chart shows a bear flag pattern.
- Price sustaining below the daily cloud will favor the bears. for extending the gains bears need to close the hour and day below 232.
- For bulls a counter trend trade is possible on closing above 239 for small profits because of the weakness of the stock.
- TATA Steel gave good up move from the hammer candlestick which was shown last week. Price is now testing a possible resistance line.
- Bulls of Tata steel has closed the day above 100 Day SMA. Weekly chart too is sustaining above 20 Week SMA (440) and 5 Week High EMA (440). Long shadow of the daily candle at the resistance line shows selling pressure at the top.
- Bears need a break below 440. Bulls need to sustain above 100 SMA to gain strength.
- S&P 500 EOD UPDATE
- Week, Day and four hour time frames shown here is sustaining above crucial moving averages.
- Week above 20 Week SMA.
- Daily has closed above 100 Day SMA and The Golden ratio.
- 4 Hour chart shows price above 200 period SMA and a channel which gives room for bulls for a correction also. If price starts to fall this support line may save bulls from bigger corrections.
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