May 9, 2011

AAPL Triangle pattern

  • AAPL Moves closer to the apex of  a  triangle pattern in hour chart.
  • It looks like a descending Triangle So Breakdown of the support line should give a good short trade. One cannot rule out the upper breakout too.
  • Price has lost momentum, Breakout or breakdown can give good direction for the stock. 

SLV Near the GAP

  • SLV is near the gap and 23.6% Fib level. 
  • GAP fading and crossing 38.6% level may target 41.20 levels and higher.
  • Failing to cross the GAP may Give New lows for SLV.

ES Support and resistance levels

  • ES one hour charts with cloud and 200 Hour moving average.
  • Price is struggling to break the cloud. Price not able to sustain the cloud breaks.
  • Price not able to cross 200 Hour moving average.
  • If price closes and trades below 1331.50 bears will be stronger.

NIFTY - The Range

  • Nifty is trading in a range as shown in 15 minutes chart.
  • Range is from 5443 - 5586.
  • Break of the dotted line can bring nifty down towards the lower end of the range.

NIFTY Resistance levels for the bounce

  • Conclusion from the above charts: If price stays above 5550 it is better to stay long for 5650. Price slipping below 5550 will be negative for the bulls.