October 8, 2012
- APPLE Daily chart shows price testing crucial support level at 644.
- Price also near weekly uptrend line.
- Price sustaining below 50 Day SMA should favor bears to extend this down move towards next support levels at 100 SMA and 614 levels
- Taking support at weekly up trend line may give an up move.
- IWM WEEKEND UPDATE
- TATA Steel daily chart shows an inverted head and shoulders pattern.
- For bulls this pattern will be effective once price crosses the unfilled GAP and 200 Day SMA. This is also the place for Golden ratio. So crossing this level will be difficult But once crossed on closing basis we can see bigger moves.
- Another fall below 1400 will be negative.
- BANK NIFTY WEEKEND UPDATE
- Silver 4 Hour chart shows an ascending triangle pattern. Weekly chart shows resistance at 38.2% Fib level. Price is getting resisted at this level for quite some time now.
- Break below 100 period SMA of Four hour time frame should lead to a correction, for a bigger fall week must fall elow 33.26 level.
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