June 30, 2013

  • QQQ Daily chart shows possible resistance levels. 50 Day SMA, Falling resistance line and Golden ratio will act as stiff resistance levels.
  • Weekly chart shows rising support line and 20 Week SMA as support levels. Bears need a weekly close below these levels for a bigger down move to follow.

  • Apple first chart shows price at weekly lower Bollinger band. This level has acted as support in the recent past for a trading bounce.
  • Daily chart shows possible double bottom up move 385 is held.
  • Month chart shows more pain for bulls if 385 is not held. Below 385 apple could test its Monthly Lower Bollinger band at 343.

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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