Today's big drop was price breaking below the upper red line. The low under 32 was right at the lower red channel line. Note how price has bounced back to the dotted trend line at the 32.44 area in early Asian trade. The red Channel line is the uptrend ---- the upper dotted line is where price must now climb back above --- if the rally is to keep going. Watch the 32.50 to 32.85 area ----- it must get back above that area and then hold the dotted trend line as support if the rally is to continue. The dotted trend line ----plus or minus 25-30 cents is the key PIVOT AREA for the short term battle. A drop below the lower red line is ok if its a slight penetration ----- but it can't hang around there for long. Support is the 31.50 area and the last consolidation just under 31. Watch that lower red channel line as initial support ---- and the upper dotted trend line as first resistance on Friday.
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2 comments:
so far tonight 10:19 pm mountian time wer'e doing good.
have a feeling that this was just a bear raid and the rally is not yet complete. Showdown will be next week when first notice day on the March contract becomes due.
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