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.
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