July 29, 2013

  • Apple weekly chart moving up from 200 Week SMA.
  • Month chart shows price taking support at 50% Fibonacci level for the up move from 78 to 705.
  • Monthly Stochastic indicator is at oversold levels which need price to stay above 385 and break above 469 levels for the up move to continue.

  • Crude oil One hour chart shows crucial support and resistance lines.
  • 2nd chart shows hourly cloud acting as stiff resistance.
  • Last chart is the daily time frame which shows price at 23.6% Fib level. Crude oil bears has to break and close below this level for a bigger down fall to happen.

  • Wynn Resorts in a contracting triangle pattern.
  • Crucial resistance at 50 Day SMA. Bulls need a daily close above 50 SMA and falling resistance line for a bigger up move to follow.
  • Possible breakdown on closing below 200 Day SMA.

  • Silver near 50 Day SMA and near channel support line So this price contraction may soon get resolved.
  • Channel may get resolved soon for a bigger up move in silver.
  • For bulls need a strong breakout above the daily cloud for a bigger up move to follow. Bears need to stay below the channel to extend the current trend.
  • ES Four hour chart shows price moving sideways.
  • Price is able to hold above crucial support levels and 4 Hour cloud.
  • Price in a range after an up move is mostly bullish. Strength on price sustaining above the cloud. Weakness on price trading below the 4 Hour cloud.

  • The death cross in bank nifty continues to perform well.for bears. 
  • Price has closed below 50% Fib level which may open downsides till the Golden ratio.
  • There is a small positive divergence in chart which will be difficult to get right because of the strong down trend.
  • Strength for the day on trading above 10600 levels and weakness on breaking below last week's candle low.


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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