Wednesday, 3 June 2009

Pullback at Hand?

The breakout from the contracting triangle has stalled at 949. However, yesterday did produce an uptrending price bar and I think that indicates that the current run (from the 5/28 low) will continue into next week after a pullback. The uptrending price bar just mentioned was number eight of a possible TD Sequential “sell”.


And so it now appears that we will pullback and “retest” the prior 930 resistance area to see whether it has become support. My roadmap; so to speak, is for a 1 to 3 day pullback followed by another thrust towards 970. Of major interest will be whether the weekly price bar closes lower.

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