July 18, 2013

  • Google hour chart testing crucial support levels.
  • Close below 910 and 23.6% Fib level may extend the fall towards the rising trend line shown in daily time frame.
  • Daily chart looks overbought But for a bigger fall needs price to break below the rising trend line. Up move will resume if price sustains above the trend line.

  • Apple four hour testing falling resistance line.
  • Daily chart is at 50 Day SMA. Unable to close above 50 Day SMA may lead to correction.
  • Weakness on price trading below 50 Hour SMA.  

  • Bank of America Daily chart shows a rising resistance line which may give a pullback for the stock.
  • Weakness in daily chart only on price falling below 13.99 levels.
  • Weekly chart shows price testing Golden ratio. BAC Bulls need a weekly close above Golden ratio for moving towards 15.28 levels.

  • Caterpillar daily chart shows a bearish engulfing pattern.
  • Bearish price action is happening with overbought indicator levels
  • But for bears 100 Day SMA at 86 and 50 day SMA at 85.44 are crucial support levels to break. Daily candle trading below these levels will extend the fall.

  • Nifty one hour chart shows price in a range.
  • Higher time frame like 4 Hour continues be in up trend. 4 Hour chart shown with 20 and 50 Period SMA shows price yet to close below 20 period SMA.

  • Weekly charts shows price testing crucial support levels.
  • 100 Week SMA at 1174 should be held for bulls to avoid a bigger breakdown.
  • For the day weakness below 1193 and 1177, Strength above 1236 levels.
  • IBM weekly chart is in a range and price near the bottom of the range.
  • So tomorrow a daily close above 195 to 198 levels should favor bulls of IBM. On the other hand trading below 191 levels may lead stock towards 188 and lower levels.
  • Today price has managed to close above 20 Day SMA. So if price sustains above 194 it may do a triangle breakout in favor of bulls.

  • Coca cola daily chart shows price nearing resistance levels.
  • Coca Cola Bulls need a daily cloud breakout to extend this pullback.
  • Strength on closing above 50 Day SMA. Unable to cross this level means weakness for Coca cola.


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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