March 16, 2013

 
  • Micron technology daily chart shows bearish engulfing pattern.
  • Price and RSI also shows good negative divergence.
  • Divergence and Bearish engulfing will work well if price starts to trade below the weekly support zone shown in last chart.
  • APPLE WEEKEND UPDATE
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  • Apple closing outside a contraction pattern. Price has closed above 20 Day SMA. 
  • Price is entering the selling zone as explained in the last chart. After the bearish cross of 20 and 50 SMA the zone between 20 and 50 SMA continue to act as selling area. 
  • So the current rise may extend till 50 SMA were it may face selling pressure again.


  • SPY Nearing crucial support level as shown in 30 Minutes time frame.
  • Bear of SPY Need a close below 50 Hour SMA and 23.6% Fib level for a bigger fall to happen.

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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