September 15, 2012

Bank of America Weekend update

  • Weekly candle has managed to close above 100 Week SMA with Volume increase.
  • Price has also managed to close above the weekly cloud after a long gap.
  • Next resistance level in weekly chart is at 10.1. This level must be crossed for extending the current up move towards 11 which is the next resistance area.

BANK NIFTY Weekend update

  • Bank nifty Weekly chart in a contracting pattern and closer to a breakout.
  • 2nd chart shows the targets or profit booking zones in case of a breakout.
  • Last chart shows price closing above 50% Fibonacci level. If the recent high of 10782 gets broken we may see an up move towards Golden ratio.

SPY Bull flag and Bearish candle

  • SPY 5 Minutes shows a bull flag pattern.
  • Price has fallen below the cloud of 5 Minutes. So intraday bulls need to get back above the cloud for continuing the trend.
  • 4 Hour chart shows a bearish Shooting start or an Inverted hammer candle. This one need price to follow up with a negative candle as confirmation of weakness.