April 5, 2012
- IBM has fallen below the up trend line.
- Price has violated the 20 Day SMA. Daily candle trading and closing below 20 SMA will favor bears to extend this correction.
- below 20 SMA price may find support near 23.6% Fib level. Next price cluster is near 38.2% Fib level which may act as strong support. For now bears of IBM need a close below 20 SMA.
- GOLD Near Long term support line
- Price is testing an important up trend line. Its also near 20 Day SMA.
- If the next daily candle trades below the up trend line price may test the support levels mentioned in the second chart.
- Getting support at the trend line may save the bulls from a deeper correction.
- Bearish engulfing pattern of one hour chart shown in a previous post has done well. For now price is trying to form a base near 200 Hour sma. For a bigger fall bears need to break below 200 Hour SMA.
- GOLD NEAR LONG TERM SUPPORT LINE