March 14, 2013
- Daily chart shows a range an unfilled GAP.
- Range is at 78.6% Fib level So bulls need a weekly close below the range and 78.6% Fib level to weaken the uptrend.
- Last chart shows Weekly RSI near overbought levels But indicator is yet to hit a resistance line. So price may continue to move up till the indicator hits and reverses from the resistance line.
- S&P 500 ANALYSIS AFTER CLOSING BELL
- Nifty closes below the cloud. Price sustaining below the cloud may lead to a bigger fall.
- Daily chart is testing support levels. Weakness from golden ratio has taken Nifty to 38.2% fib level. Price is also at 20 Day SMA. These two levels must break for the down move to continue.
- AIRTEL HEAD AND SHOULDERS
- SPX Daily chart shows the bullish structure intact as price continues to move up inside the channel. Shallow corrections are followed by bigger up moves.
- Now weekly chart is showing overbought structure but yet to trigger a fall. Weekly RSI Falling below 70% line should give another dip in weekly chart.