Saturday, June 26, 2010

Potential channel formation


We bounced off 1067.89 which isnt exactly a support level, and although the market internals show a potential reversal I'd be cautious and looking for further confirmation of the bounce. Made a chart update, the yellow lines are parallel and a potential channel forming if the bounce continues.




And the daily chart, a lot of resistance up ahead as the potential of a death cross looms.

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