August 8, 2013

  • Crude oil four hour chart shows price testing crucial support level at 102
  • Daily chart shows price at 50 Day SMA.
  • Daily cloud may also act as support. Trend change possible only on breaking below the daily cloud.
  • Apple one hour and 30 Minutes charts violating support levels. Hourly close below 50 Hour SMA may extend the fall.
  • Weekly chart is showing weakness at upper bollinger band. weekly close at the current levels or lower will favor bears for the coming week.
  • Nifty Daily chart has given a Bearish Death cross. But the crucial event is happening at a crucial support level.
  • Weekly chart is near 100 Week SMA.
  • These support levels may give a dead cat bounce and if the Death cross is to do well this bounce will be followed by a break below the above mentioned support levels.

  • APPLE Daily chart shows weakness at previous resistance levels.
  • Weekly candle stopped moving up at Upper bollinger band.
  • Weakness may extend into next week if price closes below 23.6% Fib level on Friday.
  • GOOGLE Chart Analysis


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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