January 25, 2017

  • Apple is nearing the weekly resistance line. For now the resistance line stands around 122 levels.
  • Daily chart is developing negative divergence with price and MACD.
  • Apple bears need weakness to set in at the Weekly resistance line for the Negative divergence to take effect.
  • Apple bulls would argue that there is enough momentum in weekly chart for a possible breakout above the resistance line.

  • Gold testing the 4 hour cloud.
  • Crucial support zone between 1195 - 1200. Break below this zone and the 4 hour cloud can give a reversal in favour of gold bears.
  • Gold bulls need to stay above 100 Period SMA to avoid bigger correction.
  • ES Month, 4 Hour and 30 Minutes chart analysis
  • ES Month chart shows another bullish candle being formed. Staying above 2278 can keep the bullishness intact for the current month candle.
  • 4 Hour chart shows the latest spike above the resistance zone. If it is a false spike it can result in quick gains for bears.
  • 30 Minute chart shows levels below which weakness can set in for the Day.

  • Silver near crucial support zone as shown in last chart. Support zone is at 16.74. Price is also trying to stay above 4 Hour cloud and 100 Period SMA for the same time frame.
  • Price closing below the cloud and 16.74 may start a down swing in this time frame. On the contrary if price holds on to 100 Period SMA or the cloud base an up move is possible from here.
  • ES Analysis after closing bell

  • Hindalco daily is trading above the recent resistance zone of 184. Price is moving towards the resistance line of a Broadening wedge.
  • Monthly chart too shows price is moving into historic resistance zone between 190 and 200. Note these values are on closing basis for example the Top formed on December 2006 was after a spike towards 225 levels. So there could be explosions above this zone But if Day and Week starts to reverse at this zone this Up move may end.
  • NIFTY Nears Descending Triangle support zone

  • Next crucial resistance zone is the Golden ratio for the fall from 8968 which is at 8457.
  • During the last fall from 9119 to 6825 there were may retraces But no complete reversal. But this time with Big news ahead the possibility of a complete reversal cannot be ruled out.

  • ES Triangle contraction has resolved in favour of Bulls at least for now. Bulls are testing the swing high around 2278. Need to sustain above this zone or else weakness will resume to take price back towards the pattern again.
  • FTSE 100, UK Index Technical analysis


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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