April 23, 2013

  • CRUDE oil Four hour chart nearing resistance levels.
  • For turning this down trend price must sustain above the 4 Hour cloud. 
  • Weakness on falling below 23.6% Fib level.
  • SPY 4 Hour moving into the bullish part of the range(153 - 159). Closing above 157.20 will extend this up move towards the top of the range.
  • Intraday weakness on price falling back below the Golden ratio shown in second chart.
  • Daily RSI of apple turning up from oversold levels may help this bounce to extend.
  • Possible target area for the bounce could be the recent broken support level at 419.
  • Weekly charts also suggest a counter trend move happening from lower bollinger band before the major trend could resume.
  • ES one hour chart shows price approaching 200 Hour SMA Which is a possible resistance area.
  • Price is also nearing 50% Fib level as shown in four hour chart. Sustaining above these levels this up move will extend.
  • For resuming the down move bears must break below the Hourly cloud shown in last chart. For now hourly cloud is giving support.

  • Nifty is at the falling resistance line from 6111 levels, Price yet to show weakness.
  • Price is nearing 100 Day SMA and the Golden ratio. Confluence of resistance near 5870 - 5890 may stop this up move.
  • For now price must sustain above the falling resistance line for moving towards the crucial resistance area mentioned above.

  • IT index continues to fall. Price is testing the Weekly Ichimoku cloud.
  • Weekly indicators are yet to become completely oversold which may give some more fall falls for the IT index and the stocks.
  • Now if price does not hold above the Ichimoku cloud it may test the rising support line from 5011 levels.


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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