September 12, 2012

  • Apple testing hourly support level near 655
  • Price is below 100 Hour SMA and above the crucial 200 Hour SMA.
  • Price also above the 4 Hour cloud.
  • Crucial levels for apple bears to break are 200 Hour SMA and 4 Hour cloud. Apple bulls are safe above the 4 Hour cloud.

  • ES hour chart near support and resistance lines.
  • Price sustaining above the cloud will lead to an upper breakout.
  • Breaking below 100 Hour SMA and cloud should give a correction towards 1428 and 1421.

  • JPM up move so far looks corrective and without volume support. Pattern also looks like a bearish Flag. Price is nearing Golden ratio level which may act as resistance.
  • Only thing supporting bulls is that price has violated 100 Week SMA. So a weekly close above this level with increasing volume may extend the up move. Unable to close the week above 100 Week SMA Will start the correction.
  • BAC Month candle is moving above 20 Month SMA. 
  • Volumes in weekly chart does not support this up move. Price is approaching 100 Week SMA. Only a weekly close above 100 Week SMA with good volume spike can confirm a breakout.
  • Price is also about to escape from the weekly cloud. Closing above the cloud will favor bulls to extend the up move.

  • NIFTY Moving towards the top of the range (5448).
  • Second chart shows another monthly candle trying to stay above 5 Month High EMA. Recent attempts to close above it has failed.
  • Last chart shows Price nearing a possible resistance line from 5944 - 5629 - 5448. So nifty closing the week above 5448 may help bulls to extend this up move further.

  • HINDALCO and copper shows a multi year Head and shoulders pattern which is yet to give a breakdown.
  • Daily chart is showing a counter trend rally which may get stopped near 113 or 115 levels as shown in last chart.
  • 115 level has the 50 Day SMA and the falling black resistance line shown in second chart too should be near 115 level.
  • Bears of Copper need a close below 106 for further breakdown.


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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