April 20, 2013

  • IWM Daily chart trying to stay above 100 Day SMA.
  • 2nd chart shows the weekly channel and the resistance line of the channel acting as support. This line has to break for a bigger correction to happen.
  • Weekly chart shows 20 Week SMA trying to give support.
  • Apple daily chart with RSI shows positive divergence.
  • Weekly chart shows price testing lower bollinger band good place for a bounce before the next fall could resume.
  • Monthly chart too shows price testing 50% Fib level.
  • S&P 500 Channel support line acting as support. For bears need a channel breakdown to extend this correction.
  • For now price has taken support at 50 Day SMA and the support zone between 1335 - 1340.

  • Google daily chart retesting the 50 Day SMA.
  • Price is rising from the crucial 100 Day SMA.
  • Immediate resistance level at 4 Hour cloud. Unable to trade above the cloud or 50 Day SMA will be negative for Google bulls.


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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