- Price staying above 57.62 levels will help bulls to extend gains.
- 2nd chart shows price hitting the upper bollinger bands with Overbought Stochastic readings. Overbought readings may lead to a correction.
- If the up move continues It may target the resistance line of a bigger contracting triangle pattern shown in 3rd chart. This resistance line for next week is around 58.60 to 58.70 levels approximately.
- MSFT WEEKEND UPDATE
- EXXON MOBIL ANALYSIS
- There is negative divergence. Good resistance levels and Bearish candlestick patterns. But it will be safe to short only on a close below 20 Day SMA.
- Stock will be weak below 85 levels. But positional shorts will be safe on close below 20 Day SMA.
- Trading above 86 will favor bulls to continue the current up move towards 88 - 89 levels.
- MSFT WEEKEND UPDATE
- MSFT Weekly candle shows a clean breakout with good closing near the high of the week.
- Daily chart shows price testing a possible resistance level with overbought indicators.
- But in this case If price sustains above 28.15 level then this up move will continue with indicators continue to sustain at overbought levels.
- Weakness for the very short term can be seen from the Bollinger bands in daily chart. Last four candles closed above the upper bollinger bands which is good for bulls. No weakness until this trend continues.
- If price gives a breakout above 4800 Bulls need support from 50 Day SMA. Breaking above 50 Day SMA will give a larger up move.
- Getting resisted near 50 Day SMA will give an opportunity to go short.
- Bulls will be weak below 20 Day SMA. Bears will be strong below 4588.
- Hour of apple approaching resistance levels with negative divergence.
- But the hourly trend is safe for bulls as can be seen from the second chart.
- So One should wait for confirmation for divergence to take effect.
- AMAZON SUPPORT AT WEEKLY TREND LINE
- Above weekly charts shows strong support near 166 levels.
- Break of this level will be bad for bulls. But for now indicators and Fibonacci levels shows good risk reward ratio for a long trade.
- Today's closing is important as a bullish weekly candle here will confirm a short term bottom for Amazon.
- BANK OF AMERICA CHART ANALYSIS
- SPY TREND UPDATE
- Bank of America has given an up move yesterday.
- Weekly chart shows price testing the middle bollinger band. For bulls price shall close above Weekly bollinger band for a bigger up move to happen. Price getting resisted at Middle bollinger band and staying below 6.31 levels will favor bears.
- For bulls price should stay above the daily ichimoku cloud and 6.31 levels to continue the up move.
- SPY TREND UPDATE
