October 13, 2011

PIN BAR of SPY

  • SPY daily time frame has given a Pin Bar formation.
  • Pin bar is a powerful reversal formation.
  • Immediate support for SPY is the 50 Day SMA. Bears need to breakdown below 50 SMA for an extended fall to happen.
  • Bulls need to break yesterday's high for invalidating the bearishness of Pin Bar formation. If they manage to overcome the Pin Bar they may take price to 100 SMA and beyond.
  • S&P 500 RESISTANCE LEVELS
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1 comment:

  1. HariOctober 16, 2011 at 6:57 PM

    @San, has this pin bar got invalidated with fridays action??

    ReplyDelete

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