- CNX IT Got resisted at 50 Day SMA during the news day and moved lower towards the crucial support zone of 200 Day SMA.
- For bigger down moves price must close below 200 Day SMA.
- Trend will remain weak below the daily cloud. For IT Bulls price must sustain above the daily cloud for bigger up moves to happen
- JC Penney trying to stay above the falling resistance line.
- Weekly chart shows price in a consolidation range. If price stays inside the range longer the breakout will be bigger.
- Weekly cloud may act as immediate resistance. For longer term up moves price must trade above the weekly cloud.
- IWM TRIANGLE PATTERN
- Alcoa shows strong up trend for the stock as price continues to trend up above the 50 Day SMA and the daily cloud.
- Crucial level for the stock to stay above is 13. Weakness only on a daily close below 13 levels.
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- IWM Daily chart shows a triangle pattern. Price near the apex of the pattern may soon give bigger direction out of this consolidation.
- Price for now is below 200 Day SMA
- Weekly chart shows price managing to close above 50 Week SMA. Bears need a weekly close below 50 Week sma. Bulls need to move back above 200 Day SMA to avoid bigger correction.
- FACEBOOK WEEKEND UPDATE
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- Facebook daily chart shows a triangle shaped contraction pattern.
- Breakout from the pattern may not give bigger up moves because of the cloud and crucial moving averages.
- QQQ Testing confluence of resistance levels.
- Price need to close the day above Golden ratio for bigger up moves to follow.
- TATA Steel gave good up move on the news day but price has come back to the neck line of the bullish pattern.
- Daily shows a big bearish engulfing pattern But this pattern needs to be followed up by more selling to confirm further bearishness. If the neck line holds another up move is possible.
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