May 31, 2014

  • 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.
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  • 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.

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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