May 15, 2013
- APPLE Daily MACD shows bearish alignment. Breakdown below 20 and 50 Day SMA will extend the fall in daily chart.
- Weekly indicator is showing bullish alignment But price action in weekly chart is not supporting this view. Bearish weekly candle at 20 Week SMA is favor bears of apple for now.
- 435 levels also looks crucial support as it is a confluence of 50 SMA and 38.2% fib level.
- ES CHANNEL RESISTANCE
- ES Four hour chart shows price hitting the parallel resistance line of the channel. This is most likely to be followed by sideways correction and another breakout.
- ES one hour chart shows the ranges and upper breakouts.
- Bears need range breakdown and close below 100 Hour SMA for a meaningful correction to happen.
- Weekly chart shown with fibonacci levels shows price stuck in a range between 50% and Golden ratio. So a weekly close outside this range will give a clear direction for SBI.
- For the day crucial levels are 2266 which is the 20 SMA in weekly chart and the resistance line drawn in daily chart. Close above the resistance line may give an up move.
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