November 17, 2012

  • Daily chart of apple has given a Hammer, Hammer does not look perfect But the volume for the day looks good. Bulls need more up moves to confirm this reversal pattern.
  • Weekly chart shows Stochastic in oversold zone. For this setup to work in favor price must sustain above 522 levels.
  • Finally the hour chart shows price continuing its stay below the cloud. Price must trade above the hourly cloud for a bigger reversal to happen.

  • SPX Closed the week below the Rising wedge pattern.
  • Price is testing 50 Week SMA. Bears need a full weekly candle below 50 Week SMA to confirm a bigger breakdown. But for now the shadow of the current weekly candle suggests of an oversold bounce.
  • Bulls also has the support of the Golden ratio. But this bounce may not be a bigger one unless price decides to move above 200 and 20 Day SMA quickly. 


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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