April 17, 2013

  • BAC Daily chart shows price testing crucial support levels.
  • Price closing below the Trend line or 100 Day SMA will extend gains for BAC Bears.
  • ES  4 Hour chart shows price nearing support zone.
  • Daily chart shows price testing 50 Day SMA and Nearing Daily cloud.

  • Apple 4 Hour chart shows the head and shoulders breakdown.
  • Next chart shows a possible support line if holds may result in a bounce. A bigger fall if the line does not hold.
  • Apple daily chart shows a range from 419 - 437.
  • Daily chart also shows  a possible bearish head and shoulders pattern with neck line at 419 levels.
  • Yesterday candlestick formation shows an inside day which may increase volatility above 427 or below 419. Above 427 price may head towards the range top or 20 day sma. Below 419 price may move towards 400 levels.

  • Nifty at 50% Fib level for 5971 - 5477.
  • Price is also nearing a possible resistance zone between 5750 - 5760. 
  • 50 Day SMA is at 5773.
  • Hour chart shows price above 200 Hour SMA.
  • Intraday fall back below 200 Hour SMA will be negative for bulls.
  • Nifty moving towards Its 50 Day SMA and 5 Week High EMA.
  • Strength on trading above 38.2% Fib level at 5718.
  • For bears must hope for weakness at 50 Day SMA for shorting opportunities.

  • Yesterday's fall got support near 50 Day SMA and price closed back above 20 Day SMA.
  • Channel shows price getting support at the bearish part of the channel.
  • Last chart shows the weekly chart with RSI. Overbought RSI is yet to fall below 70% line. Trend line break on weekly closing basis will confirm the sell signal. 


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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