January 30, 2013

 
  • Gold near the channel resistance line.
  • Round number of 1700 and 100 Day SMA may act as resistance levels.
  • Price continue to find support near or at the 100 Week SMA. Sustaining above 100 Week SMA a breakout in favor of Gold bulls may happen soon.
  • Facebook Hour chart showing support at 23.6% Fib level, Hourly cloud and 100 Hour SMA.
  • Multiple support levels must break for the correction to continue.
  • Holding above these levels may lead to an up move towards 32 levels again.

  • 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
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  • 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
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  • 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
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  • 2nd chart shows SPX Has some more room to move up. First chart shows price yet to get into a range from which a correction could follow.
  • Last chart show the never ending negative divergence between price and MACD Histogram which may continue for a while. MACD lines yet to give a bearish cross.


 
  • Crude oil 4 Hour chart continue to move up by sustaining above the up trend line and the 4 Hour Ichimoku cloud.
  • Weekly chart is testing Golden ratio. Any weakness at this crucial fib level may lead to a correction.



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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