- Apple Monthly chart with a bearish Pin Bar candle.
- Weekly chart shows MACD Negative divergence.
- Daily chart closed below 20 Day SMA. Immediate support levels are 655 and 50 Day SMA.
- Bigger correction can be seen once price below 50 Day SMA and 644 levels.
- SPY WEEKEND UPDATE
September 29, 2012
- Crucial support levels for the coming week are 143.09,142.21 and the rising support line shown in first chart.
- Second chart shows the false breakout from the rising wedge. This can give bigger falls if price starts to trade below 142.21.
- Last chart shows how the overbought readings can remain overbought while prices continue to move up. A correction is possible if the Stochastic lines fall below 80% line.
- NIFTY Month chart shows price closing above 20 Month SMA and 5 Month High EMA after many months of failed attempts.
- Weekly chart testing previous resistance level of 5735.
- Daily chart continue to sustain above 10 Day EMA. Daily candle looks similar to a shooting start not perfect but looks bearish, One negative for bears here is that price closed above 5 Day High EMA.
- Crucial levels in daily time frame is shown in last chart.
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