February 8, 2013

  • Apple fading the GAP in daily chart.
  • Price testing 20 Day SMA. Price need to close above 20 SMA for targeting 50 Day SMA.
  • 4 Hour cloud too is a stiff resistance level.
  • Ford daily chart shows a bearish consolidation. But price continues to stay above 50 day sma
  • Further down moves on breaking below the support zone of 12.60 - 13.05
  • Price testing 23.6% Fib level. Weekly close below this level may extend the fall towards 38.2% Fib level.

  • Oracle weekly chart reacting in favor of bears after price and RSI negative divergence. Price is also reacting from near Weekly resistance levels.
  • Crucial support zones in weekly chart are between 33.71 and 33.76 then 33.29 area too may act as support. Breaking below these levels could result in a bigger correction for this stock.
  • SBI Testing crucial support levels.
  • Daily chart near up trend line, 100 Day SMA and testing 50% Fib level. 
  • Holding above these levels should give buying opportunity.
  • Breaking the above mentioned levels may give 2253 and the Golden ratio on the downside. 

  • NIFTY Daily chart shows price testing the up trend line from  4770 levels.
  • Second chart shows price below 50 Day SMA. Recent falls have managed to find support just below 50 Day SMA. If that scenario repeats then we will have new high's soon.
  • Last chart show a Pin Bar candlestick which is a reversal candle. In this case confirmation can be a close back above 50 Day SMA to go long. Having said that price sustaining below 50 Day SMA and breaking the up trend line will add strength for the current sell signal in daily chart
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  • SPX One hour chart shows price in a possible diamond pattern. If the right side of this pattern is going to play out then we are in for some more boring contraction to continue.
  • Second chart shows price taking support at 100 Hour SMA. Bears need price to sustain below 100 Hour SMA and levels like 1498 and 1495 to break for a bigger correction to follow.
  • Last chart shows the weekly line chart. If the week finishes like this or lower it may favor bears for the coming weeks.


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"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