July 21, 2012

  • Weekly chart shows strong support near 98 - 101 zone.
  • The stock did a strong bounce from the above mentioned levels But weekly Indicators like RSI are still heavily oversold and yet to turn around.
  • Daily chart also shows price getting resisted near 20 Day SMA. 
  • This bounce will extend only if price is able to trade above 20 and  50 Day SMA(116) convincingly.

  • Daily chart shows 100 Day SMA and Golden ratio near 1358 - 1359 level.
  • Price holding on to the above support levels may save bulls from a bigger fall and an up move towards 1390 levels is also possible.
  • Price breaking the above mentioned levels can take SPX towards the cloud of Four hour chart which has managed to stop the falls till now. For bears a bigger fall is possible if the cloud breaks.


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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