February 9, 2013

  • For apple bulls Immediate resistance level at 100 Week SMA(482) shown in 2nd chart.
  • First chart is the daily time frame which shows the falling resistance line from 704 level.
  • Last chart the weekly time frame with price and MACD histogram showing positive divergence But this up move may hit resistance at the weekly cloud.
  • In short this is going to be a small pullback for apple bulls.
  • QQQ has given a breakout from the trading range in daily chart.
  • Crucial support levels if the breakout fails to sustain are 100 Day SMA and the Unfilled GAP in daily chart.
  • If price sustains above the range top of 67.79 then it could target 78.6% Fib level as immediate target.


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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."
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