Well we did get that bounce today off the 50% retracement level and the 50 day EMA. The market closed back above the 20 day EMA; weekly S1, S2; and monthly R1, too. Resistance was found @ the 10 day EMA and the downward sloping trendline off the previous two swing highs. We are still seeing lower highs and lower lows, but today's action changed the tone from bearish to neutral. I'm keeping my stop @ 101.80 for now. Tomorrow's key will be the reaction to the downward trendline.Wednesday, April 29, 2009
Feed Cattle
Well we did get that bounce today off the 50% retracement level and the 50 day EMA. The market closed back above the 20 day EMA; weekly S1, S2; and monthly R1, too. Resistance was found @ the 10 day EMA and the downward sloping trendline off the previous two swing highs. We are still seeing lower highs and lower lows, but today's action changed the tone from bearish to neutral. I'm keeping my stop @ 101.80 for now. Tomorrow's key will be the reaction to the downward trendline.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment