- CSCO gives another gap in daily chart before closing the previous one.
- Price got resisted exactly at the 200 day moving average.
- Price also broke the recent low 19 and closed below it.
- Weekly chart shows a possible support line. Break of this line could push price down to 78.6% level which is near 16.64 levels.
- TREND LINES OF APPLE
- First chart shows stock getting support right at the golden ratio(61.8%) of its rise from 1800 levels to 3500 levels.
- Second chart shows price closing near 20 DMA. Stock will turn bullish once it closes above 50 DMA again. 50 DMA is not far from 20 DMA so at every rise stock may face stiff resistance.
- Stock may target its 200 DMA for this bounce as shown in the 3rd chart.
- Next chart shows a possible false breakout trade. If price enters the broken triangle then this will become a busted pattern which can give good profits in the opposite direction of the breakout.
- Previous resistance of 2500 has given support for now.
- We saw a false breakout trade in nifty recently CLICK HERE TO SEE IT
- SPY 30 minutes chart has a broadening pattern.
- Price got resisted near the resistance line of the broadening pattern today.
- Further up move can only happen if price breaks above the broadening pattern.
- If it continues to get resisted around this level without a breakout, we may see a correction in favor of bears.
- SPY has good resistance at the 132 - 133 level as shown IN THIS POST.
- First chart is the daily time frame of apple showing the trend lines above which stock is trading.
- Price will remain strong in favor of the bulls till it maintains above the black trend lines.
- Hour chart too will favor bulls if it maintains above the 50 hour moving average and the cloud.
- Nifty futures 5 minutes chart with a descending triangle pattern.
- The support line has been violated. But NF can move up if this ends up as a false break below the support line.
- Nifty has given a spinning top candlestick pattern. Lets see if this one can give a relief rally for bulls.
- Price is trading near the support line of the descending channel so we may get a pause in selling. But intraday up moves can still be sold off because of the strong down trend.
- We may get a death cross in nifty if selling continues. Death cross happens when 50 dma gives a bearish cross below 200 dma this happens in bear market. But there were occasions when these crosses resulted in an opposite directional move. One example is the last death cross happened in US markets which resulted in big up move.
- 20 dma has already crossed below 200 dma.
- Nifty has not closed above 5 day high ema for a long time now.
- Daily time frame shows cisco getting resisted exactly at the 200 DMA.
- An effort to close the previous gap was on but 50% Fib level and 200 dma could not be crossed.
- Weekly chart shows a bearish flag kind of breakdown. So if the lows are broken on closing basis we may see much more downside for cisco in the coming weeks.
- Weekly close below 19 will strengthen the bears more. We may see 17 levels if 19 is not protected by bulls on closing basis.
- RUSSELL 2000 RESISTANCE LEVEL
