November 8, 2012

APPLE Week nearing oversold zone

 
  • Apple week near lower Bollinger band
  • Weekly stochastic reaches oversold zone but price shows no sign of turnaround yet. Last time when stochastic reached oversold zone it was the 50 Week SMA which saved bulls. This time too price is positioned around the same level.
  • Weekly candle is about to test the cloud. Last time price was near the weekly cloud back in 2009 when the stock was trading around 140 levels.
  • Bulls must hope for a weekly green candle to be seen before going long.
  • DOW JONES RISING WEDGE
  • ES SUPPORT LEVELS
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4 comments:

  1. Sandeep KoppulaNovember 8, 2012 at 9:53 PM

    Hi San, MCD broke support levels today.

    ReplyDelete
  2. SanNovember 8, 2012 at 10:01 PM

    @Sandeep Koppula
    Thanks for tracking the stock. Weekly close at the current levels or lower should extend the correction

    ReplyDelete
  3. Sandeep KoppulaNovember 8, 2012 at 10:16 PM

    Thanks San. I think I remember Ramki Eamkrishnan mentioned about MCD correction. Today he released EW analysis of Lockheed Martin
    http://www.forbes.com/sites/greatspeculations/2012/11/08/elliott-waves-show-nosedive-for-lockheed-martin-in-defense-stock-sell-off/

    ReplyDelete
  4. Sandeep KoppulaNovember 8, 2012 at 10:17 PM

    Typo. It is Ramki 'Ramkrishnan'.

    ReplyDelete

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