January 22, 2013
- 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
- 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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