February 28, 2013

APPLE Diamond pattern

  • Apple 30 Minutes chart shows a Diamond pattern.
  • Bulls of apple need price to sustain above the cloud and 100 Period SMA for a breakout from the pattern. Unable to trade above these levels may give new lows for apple.


  • EURUSD 4 Hour chart shows resistance lines.
  • Second chart shows price getting resisted near the cloud.
  • Last chart is the daily time frame which shows the potential for a Head and shoulders pattern. If the current support levels are held the Right shoulder of the pattern is possible.

ES Chart Analysis

  • ES 4 Hour chart near resistance line. Bears need to protect this line for a correction to start.
  • For bears price has to fall below 50 and 100 period SMA of this time frame for a bigger fall to happen.
  • Price violating the falling resistance line will target the black lines shown in second chart.

First Solar Chart analysis

  • FSLR Daily chart shows price trying to seek support at previous resistance level.
  • Sustaining above previous resistance level may lead to a partial fading of the GAP Price may move back towards the broken support line or 29.49 area.
  • Weekly closing below 20 Week SMA will favor bears to extend the fall. Last week candle is a PIN BAR Reversal candle which will gain strength on price closing below 20 Week SMA.

IWM Chart analysis

  • IWM Daily chart bouncing from lower bollinger band. But price failed to close below 20 Day SMA
  • Second chart shows price violating the bullish channel. Bears need price to break 50 Day SMA for bigger correction to happen
  • Weekly chart shows price testing support lines. Bears need a weekly close below these lines for bigger correction to happen.

FACEBOOK Divergence and Support levels

  • Facebook daily chart with price and MACD histogram shows Positive divergence Not very prominent But its the support levels that will keep the bulls interested.
  • Price is near its 100 Day SMA and 20 Week SMA So correction may extend some more But price is likely to hold above 50% Fib level and 100 Day sma for an up move to start.

NIFTY intraday update

  • Nifty bulls managed to close the day above the Golden ratio.
  • Now for bulls price has to close back above 100 Day SMA and 23.6% Fib level shown in second chart.
  • Last chart shows price violating 20 Week SMA. A weekly close back above 20 Week SMA should add strength for bulls. Closing the week below Middle BB will be negative.

IFCI Triangle pattern

  • IFCI Weekly chart shown with the big triangle pattern. breakout from this pattern should result in a 15- 20 point move.
  • Daily chart shows Golden cross But price for now is below 50 and 200 Day SMA. 
  • Last chart shown with crucial support and resistance levels.

S&P 500 Analysis after closing bell

  • First chart shows price moving inside the range. Until price takes out the Highs on closing basis this one can be treated as a bearish range at the top.
  • Last chart shows price inside  a bullish channel. This one too need price to take out the swing high of 1530 to extend the trend. 
  • Unable to make newer highs on closing basis may lead to a breakdown.

GOLD Chart analysis

  • Gold showing resistance near 23.6% Fib level in daily chart.
  • Weekly chart also shows resistance around the support resistance zone between 1620 - 1635. 
  • Above mentioned zone has to be closed above on weekly closing basis for gold bullish momentum to return. Sustaining below these levels may lead to retest of the lows.