September 29, 2012

 
  • 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

  • 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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My Favourite Quote

"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