- Apple hour chart with 50 hour moving average
- Price is testing 50 hour moving average. If price sustains above it we may see an up move. Breaking this moving average will extend gains for bears.
- Today's down move started when price broke down from a small rising wedge pattern in hour chart.
- THE GOLDEN CHANNEL
- Gold four hour time frame with channel formation.
- Price is moving up smoothly inside the channel. Bears will have a chance only if they manage to break the channel.
- As long as price remains above the cloud bulls will be safe to hold on to the long positions.
- ES 30 Minutes chart with support and resistance lines. Violation of these lines may give good direction.
- Hour chart is shown with the recent high low and important high and low points.
- Break of 1311.25 may push ES towards 1296.
- Break above 1325.75 will move price towards 1335 level.
- SPY WEEKEND UPDATE
- Tata Steel is trading close to its support and resistance line.
- Line chart of daily time frame shows price taking support at higher levels. So one can expect an upper breakout to happen.
- If the supporting trend line gets broken on closing basis we can expect good correction in this stock.
- BANK NIFTY TECHNICAL ANALYSIS
- RIMM Daily chart shows a triangle shaped consolidation which can give good direction on a breakout.
- Weekly chart shows price moving up in a narrow channel.
- Considering the trend of the stock an upper breakout in daily chart will extend the gains for bulls.
- SPY WEEKEND UPDATE
- Bank nifty's range in weekly line chart is shown in the first chart.
- Down trend line in weekly chart has been violated a shown in 2nd chart. this favors the bulls provided 10600 is protected.
- Daily chart shows resistance at 11360 levels. Price should also move away from 200 DMA for a directional move to happen. 200 dma sometimes has this magnetic effect, price tend to move around it for sometime and then moves away from it.
- CSCO Weekly chart shows a possible support line from which a bounce can be expected.
- But a reversal candle is yet to be seen so some more pain can be expected for the bulls.
- If stock continue to break weekly lows we may see the stock dip to the support line in the coming weeks which can take it to $17.50 levels.
- Daily chart shows price trending down below all major moving averages(200 , 50 and 20)
- Price has to close above 20 day moving average for a reversal to be seen.
- SPY Weekend update SPY WEEKEND UPDATE
