November 3, 2012

  • Doji star of Weekly chart continue to do well for bears. Remember Apple also has a PIN BAR Formation in Monthly chart CHECK This post for the monthly chart of apple.
  •  Candlestick formations tend to do well in bigger time frames.
  • Price has violated 200 SMA But not with great volumes. Apple looks oversold. We may see some more downside possibly towards 550 - 560 zone. Stock may give an oversold bounce from this zone.
  • SPY Daily chart shows a bearish engulfing pattern.
  • Daily chart stopped moving up at 50 Day SMA. 20 AND 50 Day SMA acted as resistance.
  • Support for next week is at 20 Week SMA. Bears would gain strength below this level.
  • Gold correction continues from the range top.
  • Price is testing 50 Week SMA. Correction will extend if week closes below this level.
  • Possible bounce or support can happen at the Golden ratio in daily.


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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