- Silver daily chart shows price in a bearish descending triangle pattern.
- Weekly chart shows price testing crucial swing low.
- Price will turnaround in favor of bulls only if it breaks above 200 Day SMA. Staying below it will attract more selling.
- APPLE EVENING STAR CANDLESTICK PATTERN
January 31, 2014
- Apple daily chart looks like price moving towards 200 Day SMA. Weekly chart too looks bearish as the stock is set to close below 20 Week SMA.
- Monthly chart is about to confirm a Bearish Evening start candlestick pattern. Price closing below 20 Month SMA will favor bears in the medium term.
- SPY ANALYSIS AFTER CLOSING BELL
- Bank nifty Weekly MACD shows a bearish cross.
- Daily chart shows price below 50% Retrace level. Sustaining below this level may take price towards the golden ratio.
- Weekly stochastic is yet to become oversold so sideways to negative price action is likely to continue. Up moves or bounces are likely to face resistance at higher levels.
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