February 1, 2014

IWM Weekend update

  • IWM Weekly chart shows price testing 20 Week SMA. 2nd chart shows price testing rising support line.
  • Last chart shows crucial levels for next week. Close back above 50 Day SMA will resume the primary trend. For extending the weakness IWM must close below 100 Day SMA.

FORD Motors Bearish Patterns

  • Ford daily chart has a slopping head and shoulders pattern. Price is testing the neck line of the pattern. 
  • Weekly chart shows price making a convincing close below 50 Week SMA. Next target on the downside could be the 38.2% Fib level.
  • Daily chart confirms the death cross which was discussed in an earlier post
  • Crucial thing here is not to go short at the current levels. Since the stock has fallen much and has confirmed bearish patterns, It will be safe to go short during up moves. Look for weakness after an up move to go short.

SPY Analysis after closing bell

  • Weekly chart of SPY on closing basis shows price testing a rising trend line.
  • 2nd chart shows a Pause week at Weekly middle bollinger band.
  • Last chart shows Daily RSI near oversold zone and price at 100 Day SMA. If price stays above 100 SMA then an up move is likely.
  • AMAZON.COM RANGE Breakdown

AMAZON Analysis after closing bell

  • Amazon daily chart shows price closing below the range. Range is about 29 points and is likely to target 350 levels.
  • Price has closed below 50 and 100 Day SMA. Sustaining below 100 SMA More falls are likely in Amazon.
  • Weekly chart shows a Bearish MACD cross which is likely to take price towards the channel resistance line first.

GOLD Support and Resistance levels

  • Gold 4 Hour chart shows price at a crucial support line. Daily chart shows price above 50 Day SMA.
  • Weekly chart shows resistance at 20 Week SMA.
  • One of these bullish or bearish levels must go for a bigger move to happen. Bearishness if confirmed in weekly chart is likely to affect the daily time frame as well which may result in a breakdown below 50 Day SMA.
  • SILVER Descending Triangle Pattern

Bullish Pennant of Blackberry

  • Blackberry one hour chart shows a bullish pennant pattern.
  • For the above pattern to perform well Price need to close back above 200 Day SMA.
  • Bears need price to close below 20 Day SMA to invalidate the pattern.