- Apple weekly chart shows price hitting 644 levels. This level has acted as resistance before.
- Price also testing 78.6% Around the same level as shown in 2nd chart.
- Daily chart shows negative divergence, Price yet to confirm weakness though.
May 31, 2014
- SBI Weekly chart shows a Dark cloud cover pattern. Opening of the current week's candle is perfect for the pattern, Closing could have been a little bit lower than the current levels to make the pattern more perfect and effective.
- Bearish pattern needs confirmation, The stock too is retesting a previous resistance zone which may act as support. Closing below 2470 levels will add strength for the pattern.
- Fib levels and 20 Day SMA are immediate support levels. More weakness if price does not hold above them.
May 30, 2014
- Apple weekly chart shows price moving above 78.6% Fib level. Weekly close above this level and 644 level shown in chart 2 will add further strength to apple bulls.
- Immediate support at 15 Minutes cloud. Weakness on price sustaining below the cloud.
- GOLD TRIANGLE UPDATE
- Infosys gave another big volume bearish daily candle.
- Price has violated the weekly previous resistance zone which was expected to act as support now. Week is falling back into the Weekly range. Bears need a weekly close into this range to extend gains further.
- Hope for bulls now is in the Approaching golden ratio and the weekly cloud. If price does not bounce at these levels bigger falls can be seen.
- Death cross has also done well. Price moved back to 50 Day SMA and got resisted there.
May 29, 2014
- SBI Daily chart is closing in on 5 Day Low EMA Potential support line for the stock.
- Weekly chart is forming a bearish pattern. If the current negative candle manage to engulf 75% of the previous bullish candle on closing basis then we have a Dark cloud cover pattern.
- For bears next hurdle is the 2475 - 2530 zone which was previous resistance zone. This level may act as support if price tests it.
May 28, 2014
- One hour chart of SBI is seeking support at Golden ratio and 50 Hour SMA.
- SBI Bears need a close below these levels to extend the weakness in weekly chart. Weekly chart is moving toward a Dark Cloud cover pattern which can be confirmed only if the current weekly candle engulfs 75% length of the previous bullish candle.
- If price takes support at 50 Hour SMA an up move is possible and thus avoiding a bearish pattern in weekly chart.
- Reliance Industries daily chart is moving in a range between 1068 and 1145.
- Price if takes support at Low EMA and Range support zone could start moving up again.
- Weakness on closing day below 1068.
- Weekly candlestick so far shows bearishness, Price must close higher to avoid a bearish engulfing pattern.
- GOLD TRIANGLE BREAKDOWN