Raj
06-28-2009, 09:24 AM
Daily chart seems to have fallen out of the channel after it broke the Nov 2008 A high...its in a retracement...240 chart is stuck between a 382 resistance of the most recent downswing, and sk/127 support.
If the current sk break at 82.35, then we could see a drop down to the next support at 81.45.
For bears: look for a break of 82.35 on the 60min chart, if the market goes below this level, then a good trade might be for a bounce at the underside of sk for a drop to the next sk support.
For bulls: They would have to get break the downtrend line, get above the 382 resistance at 83.56, get above the channel line where there are a host of other fib resistances to contend with.
Hope this helps
:)
If the current sk break at 82.35, then we could see a drop down to the next support at 81.45.
For bears: look for a break of 82.35 on the 60min chart, if the market goes below this level, then a good trade might be for a bounce at the underside of sk for a drop to the next sk support.
For bulls: They would have to get break the downtrend line, get above the 382 resistance at 83.56, get above the channel line where there are a host of other fib resistances to contend with.
Hope this helps
:)