May 11, 2013

  • Pfizer monthly chart shows a bearish shooting star candle.
  • Week and Daily charts are approaching crucial support levels like 20 Week SMA and 100 Day SMA. For the bearish Monthly candle to be effective these levels has to break.
  • Bullish MACD Cross of Weekly chart is not getting support from price. Price failed to close convincingly above 20 Week SMA.
  • Weekly candle managed to stay above 5 Week High EMA But the candle itself is showing lost momentum of the past two weeks.
  • Daily chart shows price struggling at 100 Day SMA. A fall towards 50 Day SMA may trigger a larger fall in Apple. 
  • Only hope here for apple bulls is the bullish looking Weekly MACD which needs price support in the coming week.
  • 5 Minutes chart of crude oil shows an inverted head and shoulders reversal.
  • Daily time frame is nearing the crucial resistance line which has been acting as stiff resistance level for many weeks now.
  • 4 Hour chart shows Ichimoku cloud stopping bigger corrections from happening.

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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