. . . Last Tuesday’s 2% selloff broke the uber-short-term trend from the beginning of the year and set in place a trading range from 1,340 - 1,375. If 1,340 is broken, the next likely levels are 1,300 and then 1,270; approximately where the 200-day moving average lies.
As for the inverse (break above the latest trends) we turn to the weekly chart. The most obvious potential resistance points are at 1,440 and 1,550.
Read more: http://www.minyanville.com/business-news/markets/articles/technical-analysis-chart-analysis-market-analysis/3/12/2012/id/39843#ixzz1ouMNR0Ee
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