November 24, 2012

 
  • Rimm Moves away from 200 Day SMA with A GAP. GAP fading may happen but the up move may sustain if price sustains above 200 Day SMA.
  • Weekly chart shows price closing above 50 Week SMA.
  • Turning the weekly trend will be tougher for RIMM bulls as it nears the weekly cloud.
  • DOW JONES WEEKEND UPDATE

 
  • Dow jones Weekly chart shows price moving towards the broken support line of the rising wedge.
  • Weekly chart also shows price taking support at 100 Week SMA and closing the week above 50 Week SMA.
  • Daily chart too closed positively for bulls above 20 and 200 Day SMA.
  • Daily closed into a resistance zone. Up move is likely to continue on trading above 13038 levels.
 
  • Gold 4 Hour chart shows price breaking out of the Ascending triangle pattern.
  • Price is also likely to close above 50 Day SMA which should favor bulls for more high's in the coming week.
  • Possible test of the weekly range top near 1796 - 1802 level is likely to happen.

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"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