- 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.
July 18, 2013
- 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 BEARISH ENGULFING
- 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.
- IBM CHART ANALYSIS
- 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.
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