April 30, 2013

GOLD WEEKLY CHART
ONE HOUR CHART
  • Gold weekly chart back above 200 Week SMA.
  • If the up move continues the broken support level of weekly chart 1522 - 1531 will act as stiff resistance level.
  • One hour chart shows price above 100 Hour SMA. Up move is safe till it holds 100 Hour SMA. Closing above 1485 may take price back above 1500 levels. 
  • BLACKBERRY CHART ANALYSIS
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  • Crude oil four hour chart shows price correction from 78.6% Fib level.
  • If the fall is not large price may form an inverted head and shoulders pattern.
  • One hour chart shows crucial levels to hold to avoid a bigger fall.
  • APPLE CHART UPDATE
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  • Blackberry daily chart shows price trying to breakout of a triangle pattern.
  • Weekly chart shows price trying to stay above 100 Week SMA after a long GAP. Bulls of Blackberry need a weekly close above this line to confirm bullishness.
  • APPLE CHART UPDATE
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  • Apple weekly candle is testing 5 Week High EMA. Price has failed to sustain above this level resulting in strong down trend. Now Weekly MACD is showing positive Divergence for divergence to work price must sustain above this level on weekly closing basis.
  • Up move will be tough to extend with the presence of resistance levels in daily chart like the 50 Day SMA and the Daily Ichimoku cloud.
  • Any Weakness near the daily cloud means the Divergence has to wait some more weeks to start performing.
  • APPLE CHART UPDATE
 
  • ES is showing some weakness near the swing high of 4 Hour time frame. No breakdown yet.
  • Price has to trade below the supporting trend line shown in second chart for a possible breakdown to start.
  • 4 Hour chart also shows a possible rising wedge like pattern which needs price to break the trend line mentioned earlier to work well.
  • For bulls just need to protect the rising trend line to move higher and negate the bearish view mentioned above.
  • APPLE CHART UPDATE
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  • Bank nifty futures hour chart has fallen below the Ichimoku cloud. But price is yet to break below crucial support level of 12345 and 23.6% Fibonacci level.
  • For bigger falls price must break the levels shown in chart 2 and 3 on closing basis.
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  • 15 Minutes chart shows price correction towards range Top (5918  -  5924). Sustaining above this level up move may resume. Intraday weakness on falling below this level back into the range.
  • For bigger up moves price must takeout the resistance levels shown in the next two charts convincingly.
  • RCOM PRICE VOLUME ANALYSIS
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  • Reliance Communication Chart shows resistance levels for the current up move at 109 and 113.
  • Price volume picture is completely different for Rcom this time. Current up move is supported by strong buying volume.
  • Weekly chart shows price trying to stabilize above Weekly Ichimoku cloud which is good for the long term trend of the stock. Now if the correction or dip towards the cloud happens with lesser volume then Weekly cloud may act as support for more buying opportunities.
  • RELIANCE INDUSTRIES CHART ANALYSIS
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  • Daily chart shows price getting resisted at 50 Day SMA.
  • Weekly chart shows price unable to close above 5 Day HIGH EMA.
  • Crucial support at 760 levels.
  • Weekly close below 760 will be negative for RIL, Bulls need a weekly close above 5 Week HIGH EMA to confirm a turnaround.
  • RCOM PRICE VOLUME ANALYSIS
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  • Apple 4 Hour chart shows price nearing possible resistance level at 435 - 437.
  • Resistance level is also at the Golden ratio and 4 Hour Ichimoku cloud. 
  • Getting resisted here may also form a Bullish Inverted head and shoulders pattern.
  • APPLE POSITIVE DIVERGENCE AND INSIDE DAY
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  • SPY Four hour chart shows price at the top of the range. No breakout yet.
  • One hour chart shown with 20 Hour SMA. Weakness on hourly close below 20 Hour SMA. Possible breakdown or reversal of trend in this time frame on breaking below 157.74.
  • DEATH CROSS EURUSD
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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