July 5, 2015

  • Bank of america shows an inverted hammer or shooting star candlestick. 2nd chart also shows a possible triple top formation. Things looks good for bears but need more confirmation of weakness. Daily chart must close below 50 day sma for bigger correction to follow.
  • APPLE Weekend update

  • Intel weekly chart shows a bearish head and shoulders pattern. Price is trading near 100 Week SMA Which may act as support. 
  • Daily shows a MACD Positive divergence which may result in a small bounce.

  • Apple Weekly chart shows price testing the crucial up trend line. This line may give an up move for apple But the bigger direction will not be clear until price moves out of the sideways range seen in daily chart.
  • Weekly chart shows good negative divergence But bears are not getting confirmation. Price moving sideways will reduce the effects of negative divergence. Bears need range breakdown for bigger correction to follow.
  • for the very short term 100 SMA is crucial a bounce may happen if price moves back above 100 SMA.


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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