January 22, 2013

 
  • First chart shows price sustaining above the falling resistance line.
  • Weekly chart shows immediate resistance levels 100.41 and Golden ratio near 97.80
  • Daily chart shows support zone between 93.48 - 93.95 level.
 
  • ES one hour chart shown with crucial support level near 1470 levels.
  • 4 Hour chart shown with rising resistance line from which es is falling.
  • Last chart shows fib levels which may act as support.
  • DOW JONES TRIPLE DIVERGENCE
  • APPLES BEARISH CROSSES
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  • First chart shows Price testing the resistance line. Price closing above this line could extend the up move for bulls. But Second chart is showing negative divergence with RSI. Price is making a higher high while the Indicator is making a Lower high. Now although the Divergence looks nice here it can easily fail by giving a shallow correction and extending the up move. So one has to wait to see real weakness for the divergence to take effect.
  • If the divergence does not work price could move towards the next resistance level at 6181. Crucial support is seen at 5944.
  • NIFTY 50 STOCKS FREE LIVE CHARTS
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  • IBM Daily chart in a triangle pattern which should give about 14 points on breakout or breakdown.
  • Immediate resistance level in daily chart is the 100 Day SMA.
  • Crucial support levels are the rising support line in weekly chart from 158 levels and the 100 week sma near 186 levels. 
  • DOW JONES TRIPLE DIVERGENCE
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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