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Thursday, September 8, 2011

Thursday


Going down.


It's been about the 20DMA today. There's about 15 minutes till the close. I got a buy signal about an hour ago and these pipes and the Andrews Pitchfork appear to be backing that up.





The Bears have regained control, pushing Price into the lower volume body.  The yellow target line at 1185 will need to be held by the Bears.  The lower tine is being tested, and a therefore support will be found at these levels.

Price is also toying with the handle of the red fork.  Give this a wider range, but a breakdown into the lower half of the red fork will further assure the Bears of  continued weakness with support at 1170 and then 1120.

But if 1191 is regained, the Bulls will take this higher, encountering resistance along the way at 1200 and 1210  to a target of about 1220 to 1230.

I should not fail to mention that it's all about the 20 DMA today at 1181 .25

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