- AAPL Daily chart has broken the resistance line.
- Week chart is also looking bullish. Current week candle is about to engulf last 3 bearish candles, price has to close near the high of the week for this to happen.
- If weekly closing goes well for bulls we will see 360 levels for AAPL in the coming week.
- GOOG IN A TRIANGLE PATTERN
- Dow Jones Trades above the resistance line in daily chart. This can also be taken as the neck line of the inverted head and shoulders pattern.
- Price should sustain above 12450 level.
- If a strong trending move is about to unfold price may not touch the 20 day moving average for some days to come.
- TRIANGLE OF GOOGLE
- Month chart of GOOG shows price hitting the supporting trend line of a triangle pattern.
- Price may give a bounce from here.
- Weekly chart shows current week candle forming a Doji like candle on the Trend line.
- If the week closes like this we may see GOOG Rising from next week onwards.
- Further correction will be possible if this trend line gets broken. This also means breakdown from the triangle pattern which will be bad for GOOG.
- ES 30 MINUTES CHART
- ES 30 Minutes chart with 50 period moving average.
- Price sustaining above 50 period moving average will favor Bulls.
- 1328 - 1329 level is a minor support area. Break of this level could lead to 1323.
- Nifty Four hour chart.
- Price has violated the resistance line.
- Now candles has to close above the resistance line. This is four hour time frame, at least an hour has to stay above the resistance line for confirming the breakout. Daily candle closing near the high of the day will be a stronger confirmation.
- According to Bulkowski Descending broadening wedges are found most often with upward breakouts in a bull market. Downward breakouts are quite rare.
- But for us to go long positionally we have to see two things the resistance line in daily chart getting broken and daily candle closing above 5950.
- Getting resisted again at the resistance line will be negative. Remember we have not gone above the weekly reversal candle formed between 4th and 8th april.
- AAPL has reached its 50 day moving average and is taking a pause.
- Price is also near an important resistance line in hour chart.
- If price is to continue the bullish momentum it should break 50 DMA and the resistance line on closing basis. Getting resisted here will be negative for the bulls.
