August 15, 2012
- First chart is four hour time frame with ranges which has given breakdowns in favor of bears. If the past action is to repeat we will see another breakdown.
- Price is nearing 100 Hour SMA. If we see a breakout above this line and the range then FB may try to fade the gap between 24 and 26.
- ES IN A CHANNEL
- Crude oil four hour chart shows a contracting triangle pattern.
- Breakout on the upside will face resistance in the form of Weekly cloud and 50% Fib level. A bigger up move only if these levels are broken.
- Breakdown from the triangle may give correction towards 90 levels initially.
- PIN BAR OF APPLE
- Apple daily chart shows a Pin Bar reversal candle. It's strong reversal candle but price need to open below 630 and has to give another bearish daily candle.
- Weekly chart is not showing any weakness yet. Trading above 634 and 644 will continue to favor bulls.
- RSI of weekly chart is starting to diverge this will be effective if price is unable to trade above 644 levels. Price trading above 644 levels will be negative for bears of APPLE.
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