October 4, 2012
- ES testing the contracting triangles resistance line.
- Breakout can be confirmed only above the levels shown in 2nd chart. Horizontal resistance zone shown in yellow has to be taken out by bulls for a bigger up move to happen.
- Daily staying above 20 Day SMA will favor bulls. Bears need to break and close below 20 SMA for a correction to happen.
- Apple daily chart is bouncing from 50 Day SMA and Lower bollinger band.
- Resistance at Middle bollinger band or 20 Day SMA at 679. For a bigger up move bulls must close above 20 Day SMA.
- Staying above 644 and the up trend line from 380 will avoid a bigger correction in Apple.
- APPLE BEARISH DOJI STAR
- Except the Negative divergence and Weakness in Daily MACD indicator there is nothing that's supporting bears of Nifty for now.
- Price sustaining above 10 Day EMA will keep nifty moving up.
- Weekly MACD is yet to show weakness. Price sustaining above 5740 on closing basis will target the next resistance zone of 5850 - 5900.
- Crucial support is the Golden ratio shown in weekly chart.
- CRUDE OIL ANALYSIS
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