November 11, 2011

SPY Triangle pattern

  • SPY Hour chart with a triangle pattern
  • Price approaching the resistance line of the triangle.
  • Bears has to protect the resistance line to avoid a bigger up move.

APPLE Chart Analysis

  • Apple daily chart shows price below 50 day SMA and Testing 100 Day SMA.
  • Daily candle closing below 100 SMA will push the stock towards 200 SMA.
  • Important support zone in weekly chart is between 353 - 364 level.

CRUDE OIL Negative Divergence

  • Crude oil Four hour chart is moving up with negative divergence.
  • Price is not showing any weakness yet.
  • For a bigger correction the dotted trend line has to break.

ES Chart Analysis

  • First chart is a bullish pattern an ascending triangle.
  • Second chart is a continuation pattern in 30 Minutes time frame.
  • Breakdown below support line will lead to a correction.
  • Breaking the resistance line may take ES towards 1260 levels.

Nifty intraday Update

  • Nifty line chart shows price still holding above the breakout level.
  • For bears price has to close below 5140 - 5160 levels.
  • Candlestick chart shows price testing 20 SMA. Closing below 20 SMA will be negative for bulls.

SBI Chart Analysis

  • SBI got resisted at the weekly resistance line.
  • Daily chart is showing a High Volume bearish candle.
  • Breaking below 1827 will help bears to continue the down move.
  • MACD yet to give a sell in daily chart, a sell signal will strengthen bears.
  • Weekly and Daily close below 1827 will favor bears for the coming weeks.

RELIANCE Communication Analysis

  • Rcom is coming down from weekly resistance line.
  • Daily chart is showing bearish engulfing pattern.
  • Indicators in daily chart may turn in favor of bears in the short term.