Wednesday, November 28, 2012

mini Dow (update)

The past few days has seen this market stall just below the 50 and 100 DMA and now there's a 3 point downward sloping resistance line as well.  Today's action saw strong selling early into the previous resistance zone and then a snap back rally.  Old resistance became support.  If we get a break above the recent 12982 high tomorrow, then will we have a bullish ABCD pattern with shallow retracement and 3:1 right handed skewing.  I've pulled my original target 1 offers at 13025 and moved them to 13160.  If this pattern forms in the next 3 days the first upside target will be around 13350.  I would look to get out of another contract at that level.

No comments:

Post a Comment