July 3, 2012

  • 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.

  • Bank of america struggling to cross 100 Day SMA and a resistance zone.
  • Crucial resistance levels on chart are 50% Fibonacci level and the top of the daily cloud. For a bigger breakout price must close above these two crucial resistance levels.

  • Crude oil daily chart with resistance levels.
  • Price nearing 50 Day SMA and 38.2% Fib level.
  • Daily cloud may give a pullback on the first attempt to break above it. Price if closes above 50 Day SMA Should result in a bigger up move.

  • 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.

  • First chart is the 4 Hour time frame of Aug contract which shows a crucial support line. 
  • Breaking below it and falling below 29457 levels will favor gold bears.
  • Long trades on price sustaining above 50 Hour SMA which is shown in the last chart.

  • 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.

  • Apple trying to stay above the daily cloud. Apple bulls need a daily close above the cloud.
  • Other levels to close above are 589 and 50% Fibonacci levels
  • Last chart shows a corrective up move in a channel. If Golden ratio(61.8%) is crossed then bulls may gain more strength.


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My Favourite Quote

"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