February 2, 2013

 
  • First chart shows price sustaining above the trading range and falling resistance line.
  • Second chart shows price testing 20 Week SMA. Price must sustain above Middle bollinger band for the up move to continue.
  • Weekly MACD is showing a bullish cross which may do well if price starts to trade above Middle bollinger band.
  • APPLE WEEKEND UPDATE
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  • RIMM Weekly chart falling from 17.96 level which was a previous resistance level in weekly chart as shown in first chart.
  • Second chart shows a Huge Bearish Engulfing pattern which managed to engulf past two weekly candles. But charts shows crucial support at 20 and 50 Week SMA between 10 and 11 area.
  • Fib levels also shows price trying to bounce from 50% Fib level. So more fall if 50% Fib level is not held.
  • APPLE WEEKEND UPDATE
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  • Apple daily in a range blow the result GAP.
  • Price and RSI shows positive divergence.
  • Fib levels shows price trying to stay above 78.6% Fib level. If last week's low is held we may see an upper breakout from the range into the GAP.
  • S&P 500 ANALYSIS AFTER CLOSING BELL
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  • SPX Weekly chart shows price yet to hit the resistance line. For next week's candle the resistance level is around 1525 area.
  • Second chart shows Weekly RSI refusing to move above 70% line into the Overbought zone. Price is making good progress while the Indicators is slow which mostly favors the bullish move to extend.
  • Last chart shows Price engulfing last two day's of weakness. Price continues to move inside the bullish channel with no meaningful 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