January 23, 2013

  • EURUSD Daily chart shows price inside a range.
  • With price getting resisted at 100 Week SMA price may give a small dip from this range. But the bigger picture shows a bullish inverted head and shoulders which will be effective on trading above the 50% Fib level shown in the last chart.

  • Apple bulls trying to sustain above the Golden ratio and 100 Week SMA.
  • Weekly candle violating the cloud is not a good sign for bulls. Price must sustain inside the weekly cloud to avoid bigger correction.

  • Google daily chart shows price making a Bullish Hammer pattern at lower bollinger band. Daily chart also has 50 Day SMA near the tail of the hammer.
  • Weekly chart shows price in a range with Range top at 745.
  • Range top also is the 78.6% Fib level from where the correction started as shown in the last chart. This level may continue to act as resistance.

  • QQQ Daily chart continues to trade in a range between  66.17 - 67.48
  • Unfilled GAP and rising 20 SMA are immediate support levels for QQQ.
  • Price cluster in weekly chart sustaining above 20 Week SMA will also favor bulls of QQQ.

  • Price testing previous resistance level.
  • Price also near 23.6% Fib level.
  • If the above mentioned levels does not act as support price could test the lower Bollinger band as shown in the last chart.
  • If price bounces here it should move back above 20 SMA to gain strength again.
  • Rimm bulls trying to break above the weekly cloud. Price must sustain above the weekly cloud for a complete reversal of trend.
  • Crucial resistance levels are 100 Week SMA and 23.6% Fib level. these two levels must be crossed on closing basis to sustain the current up move.


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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