Monday, March 10, 2008

History repeats itself...

As you can see in the chart, shorts were initiated when it failed to surpass pivot of 598 and were closed at S1 591. Shorts were initiated again when it broke to the downside from the upward sloping bearish channel,closed at 588. Why 588? that is the weekly S1. Again, the rest of the day was left to the amateurs. Tomorrow's numbers are 595, 592 and 586. Selling pressure peaked, price and volatility at extremes, sitting at weekly support and too far off from forecasted value of 604, a rebound is warranted for tomorrow.
(ps in the chart 588 is weekly s1 not pvt.too lazy to redo chart)
2c

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