May 16, 2013

  • APPLE daily has closed below 100 and 50 day SMA.
  • Price has also closed below middle bollinger band in daily time frame. Daily MACD is in sell mode in daily time frame.
  • Hour chart is showing a bullish candle but need to trade above 200 Hour SMA for a bounce to happen.
  • ES Support levels in 30 Minutes and one hour time frame.

  • Yesterday/s Bounce from 50 Day SMA is taking  reliance capital towards crucial resistance levels.
  • Weekly chart shows overhead resistance at 50 and 100 Week SMA.
  • Daily chart shows resistance line between 386 - 388 level. 

  • ES is trying to stay above the small range shown in 30 Minutes time frame from which it gave a breakout earlier.
  • Range top has given support for now. Bears may break it if gets tested again.
  • Trend line and Cloud are crucial support levels for this time frame.


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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