January 31, 2013
- Bank of america daily chart is trying to form a descending triangle pattern.
- Price is still inside a trading range with resistance at 20 Day SMA and crucial support at the range bottom and the rising 50 Day SMA.
- Weekly Fib fan shows resistance at 50% Fib line.
- ES CHART UPDATE
- OVERBOUGHT WEEKLY RSI - CISCO
- CISCO Weekly chart shows a possible double top pattern pending confirmation.
- Weekly RSI is at overbought zone. Last two times price has given good correction from overbought zone.
- Daily chart shows price breaking an up trend line and closing below 20 Day SMA. Sustaining below these levels may extend correction towards 50 SMA for a bigger fall price must break below 50 Day SMA.
- RIMM SUPPORT LEVELS
- RIMM Closed below 20 Day SMA and the previous resistance level of 14.21
- Fib Levels shows price testing 38.2% Fib area which should hold to stop further correction.
- Next crucial level is the 50 Day SMA Which should hold to avoid a bigger fall. The Golden cross will also become weak if price starts to trade below 50 Day SMA.
- Price continue to move with the boundaries of the contraction pattern.
- Support line, 20 Day SMA and 5 Day Low EMA are immediate support levels.
- Crucial support shown in monthly chart is the 5 Month High EMA.
- For bears need a close below 20 Day SMA and 5 Day Low EMA for a bigger correction to follow.
January 30, 2013
- First chart the 4 Hour chart shown with the channel. Price continue to respect the resistance line of the channel But the corrections are small and the up move resumes.
- Next chart one hour chart shows the classic technical analysis, Previous resistance is becoming support level.
- For bears price must sustain below 100 Hour SMA for a meaningful correction to happen.
- APPLE CHART UPDATE
- First chart of Apple shows the GAP as resistance. Partial fading of GAP is possible on price trading above 465 levels.
- Broken 100 Week SMA and Weekly cloud are stiff resistance levels on weekly chart.
- Last chart shows the Descending channel staying inside which apple will continue to move in favor of bears. Bulls need to break above the channel resistance line for a meaningful bounce to happen.
- FACEBOOK NEGATIVE DIVERGENCE AND SUPPORT LEVELS
- SPX ANALYSIS AFTER CLOSING BELL
- First chart of Facebook shows price and RSI Diverging negatively. Price has started to show some weakness but has to break crucial support levels for a bigger fall to happen
- Immediate support levels are the 20 Day SMA at 30.08 and the zone between 28.75 - 29.27. These levels may try to stop a bigger fall from happening.
- SPX ANALYSIS AFTER CLOSING BELL
January 29, 2013
ONE HOUR CHART
- Ford falling but has strong support at 50 Day SMA and 38.% Fib level.
- One hour has fallen below the cloud and 200 Hour SMA. Price moving above 200 Hour SMA may lead to an up move towards the Hourly cloud.
- Price sustaining below 200 Hour SMA should lead to 50 Day SMA.
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