March 22, 2013

 
  • Apple one hour continues to look good. Price has to close above the recent swing high above 460 for the up move to continue
  • 50 Day SMA is getting tested. Apple bulls need a daily close above it to continue the up move.
  • Daily cloud is positioned well for apple bears despite the current up move. 
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  • ES Four hour chart with a Diamond pattern. Since its forming at the top of the trend this can work as a Diamond top But there are occasions where this pattern has acted as continuation pattern as well.
  • Crucial support line to break and close below is the 100 period SMA of four hour chart  
  • NIFTY Nearing 200 Day SMA.
  • Price closed below 78.6% Fib level. Next support levels are 200 SMA and the Swing low of 5548.
  • Weekly line chart also shows a support zone between 5564 - 5574. A weekly  below this zone will favor bears to extend gains.
  • TATA MOTORS CHART UPDATE
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  • Tata motors daily chart testing 200 Day SMA.
  • Crucial supports to hold are 268 - 269 levels. Below this level price could target the rising support line shown in second chart.


  • Today's closing looks good for bears although price narrowly missed a bearish engulfing pattern.
  • Price is trading in the bearish part of the channel as shown in second chart and has immediate support at 20 Day SMA or 1538. 
  • Trading below 1538 price may test the support line of the channel.
 
  • GOLD Daily chart moving towards the daily cloud and Falling resistance line.
  • 4 Hour chart is testing its recent swing High. Breakout above this level should lead to the resistance levels shown in daily time frame. For a bigger up move price must sustain above the daily cloud and falling resistance line.


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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