October 6, 2012

 
  • Oracle has closed below 50 Day SMA again.
  • Daily chart is showing a bearish engulfing pattern 
  • Weekly MACD is getting ready for a sell signal.
  • Daily chart is also showing a possible broadening top pattern which should favor bears.
  • APPLE WEEKEND UPDATE

  • Apple weekly chart shows crucial support at 644. Falling below this line may take price towards middle bollinger band.
  • Daily chart shows price closing below 50 SMA. Breaking the support line shown in 2nd chart may extend correction.
  • Last chart shows Correction after RSI and price Negative Divergence. RSI has fallen below 70% line a bigger correction only if the up trend line gets broken.
  • S&P 500 ANALYSIS AFTER CLOSE
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  • SPX One hour chart shows the possibility of a double top pattern. 
  • Second chart shows possibility of an Ascending triangle if the correction is limited to the black line.
  • Daily chart shows a range between 1422 - 1474. For next week trading above 1474 SPX is likely to hit 1500 levels and Falling below 1422 could test 1380 - 1390 zone. Daily time frame is likely to see sideways move till this range is resolved.
  • APPLE CHART ANALYSIS
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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