Thursday, April 26, 2007

ES Clears the 1500 Level

As mentioned last night, PRICE made the upmove to challenge the 1500 level...and breached it. As PRICE showed itself to be in an interim top (Minor PPF of Resistance - and with TREND Chart already turning down), just after the opening gap, the strategy was to go SHORT on pullbacks (Oscillation Challenges). However, I had to switch to LONGs when the Trading Chart presented a Minor PPF of Support at 11:31pm (S'pore Time - and with TREND Chart almost turning up). I mentioned about the PRIME PPF of Support to confirm the end of the down move? Well, it did come at 01:34am (S'pore Time) at 1493.75 and that clearly paved the way for the challenge of the magical 1500 level. Going into the close, PRICE has not failed, but LONGs have to be a little cautious as the TREND Chart is already pointing down. LONGs must have the expectation to breach last PRIME Resistance (Trading Chart), and that is 1503.50

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