- 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.
- S&P 500 SUPPORT LEVELS
July 21, 2012
- 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.
- APPLE CHART ANALYSIS