August 6, 2012

QQQ Chart analysis

  • QQQ Moving towards 78.6% Fib level.
  • Next swing high which may act as resistance in daily chart is 67.61 level.
  • One hour chart is showing negative divergence which may give a small pullback before the up move continues.


  • Price sustaining above the falling resistance line will favor bullish moves.
  • Price testing 50 Day SMA which has to be crossed on closing basis for a sustained up move to happen.
  • Fib levels shows possible resistance at 38.2% Fib level.

APPLE Resistance levels an update

  • APPLE Daily chart hits the resistance zone near 619 level.
  • Price also testing 78.6% Fib level.
  • Hour chart shown with 20 Hour SMA. Weakness in hour chart only if price trades below 20 Hour SMA otherwise we may see an upper breakout soon towards 629 levels.

ES Chart analysis


NIFTY Weekly update

  • NIFTY Daily chart shows strong support near 50 and 100 Day SMA (5139 - 5146).
  • Sustaining above the support zone should take nifty towards the resistance line of the contracting triangle pattern. Breakout above this resistance line should lead to the weekly resistance line from 6335 - 5629. Here price will face stiff resistance from this trend line and 100 Week SMA.
  • For bears price need to stay within the contracting triangle pattern for a possible fall towards the support line of the pattern.
  • We may also see a false breakout from the contracting pattern and price getting resisted at the weekly trend line or 100 Week SMA. This could take nifty to the 5380 - 5400 area.

RELIANCE Industries chart analysis

  • Reliance industries is trying to form a bottom
  • Chart shows strong resistance between 760 - 770 levels if price manages to reach this zone.
  • failing to cross the resistance line shown in daily chart will be negative. Crossing the resistance line should take price towards the above mentioned resistance level.