August 31, 2012

  • Daily chart shows support near 655 levels.
  • Bears need to break below the Hourly cloud and 23.6% Fib level for further down moves.
  • Holding above the cloud and the fib level may lead to an up move.

  • Apple daily chart nearing a MACD sell signal.
  • MACD lines also shows negative divergence in daily time frame.
  • For the above scenario to work well for APPLE Bears price need to fall below 644 and 20 Day SMA. 
  • For a bigger fall price must close the day and week below 644 levels.

  • INTEL weekly chart near previous resistance level.
  • Price is also near 100 Week SMA.
  • Breaking below 23 on weekly closing basis should push the stock down towards the up trend line shown in 2nd chart.
  • If previous resistance acts as support an oversold bounce looks possible from 23 levels.

  • Silver four hour chart shows a bull flag pattern.
  • Bull flag will work well in favor of bulls only if price stays above the four hour cloud and Daily chart stays above 200 Day SMA.
  • Daily falling below 200 SMA shall result in a correction in favor of bears.


  • Nifty found support at 50 day sma on expiry day. But price is still below crucial resistance levels like 5348 and 20 Day SMA. For a bigger up move days must close above these levels. 
  • MACD Sell signals continue to look good in daily chart. Weekly chart shows a fight between shooting start candlestick and the weekly cloud. Breaking and closing into the cloud will add strength for the inverted hammer candlestick.

  • First chart is ES one hour with support and resistance lines.
  • Second chart shows four hour time frame with Same support line and the next support levels in case of a breakdown.
  • Last chart shows price below the cloud and testing support levels. Breakdown will strengthen bears for a trending down move in hourly time frame.


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"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