September 12, 2012

APPLE Hour chart analysis

  • Apple testing hourly support level near 655
  • Price is below 100 Hour SMA and above the crucial 200 Hour SMA.
  • Price also above the 4 Hour cloud.
  • Crucial levels for apple bears to break are 200 Hour SMA and 4 Hour cloud. Apple bulls are safe above the 4 Hour cloud.

ES Hour chart analysis

  • ES hour chart near support and resistance lines.
  • Price sustaining above the cloud will lead to an upper breakout.
  • Breaking below 100 Hour SMA and cloud should give a correction towards 1428 and 1421.

JP Morgan Chase Chart analysis

  • JPM up move so far looks corrective and without volume support. Pattern also looks like a bearish Flag. Price is nearing Golden ratio level which may act as resistance.
  • Only thing supporting bulls is that price has violated 100 Week SMA. So a weekly close above this level with increasing volume may extend the up move. Unable to close the week above 100 Week SMA Will start the correction.

Bank Of America Chart analysis

  • BAC Month candle is moving above 20 Month SMA. 
  • Volumes in weekly chart does not support this up move. Price is approaching 100 Week SMA. Only a weekly close above 100 Week SMA with good volume spike can confirm a breakout.
  • Price is also about to escape from the weekly cloud. Closing above the cloud will favor bulls to extend the up move.

NIFTY Chart analysis

  • NIFTY Moving towards the top of the range (5448).
  • Second chart shows another monthly candle trying to stay above 5 Month High EMA. Recent attempts to close above it has failed.
  • Last chart shows Price nearing a possible resistance line from 5944 - 5629 - 5448. So nifty closing the week above 5448 may help bulls to extend this up move further.

HINDALCO Chart analysis

  • HINDALCO and copper shows a multi year Head and shoulders pattern which is yet to give a breakdown.
  • Daily chart is showing a counter trend rally which may get stopped near 113 or 115 levels as shown in last chart.
  • 115 level has the 50 Day SMA and the falling black resistance line shown in second chart too should be near 115 level.
  • Bears of Copper need a close below 106 for further breakdown.