- 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
October 6, 2012
- 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
- 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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