February 21, 2011

IWM Weekly chart analysis

  • IWM Weekly chart with the channel formation.
  • Price is trading in the bullish part of the channel and heading towards the resistance line of the pattern.
  • Next major resistance is seen at 86.05.
  • above 86.05 price will hit the resistance line of the channel.
  • Price will favor bears only if it trades below the middle line of the channel formation.
  • APPLE WEEKEND UPDATE

Nifty's Bearish engulfing and IHNS

  • Nifty has both bullish and bearish possibilities at the moment.
  • Nifty daily candlestick pattern shows a bearish engulfing pattern.
  • Hourly charts are showing a possible inverted head and shoulders pattern. Both pattern needs confirmation before one trade based on them.
  • Nifty got resisted before reaching its 200 dma. price also closed below 20 dma.
  • At the moment price stands between 23.6% and 38.2% Fib level. Break on either side can give a good trade.