January 24, 2016

  • Apple bounces from 95 level which acted as support as shown in chart. Broken head and shoulders neck line at 105 may act as stiff resistance for the current bounce. A bigger bounce if price closes beyond the neck line. 

  • Weekly candle suggests possible reversal formation provided price stays above 7241 levels. At the same time price has broken below crucial support level of 7550 which has to be crossed for a bigger bounce to materialise. 
  • Daily chart shows bounce after positive divergence as shown in first chart.


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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