Thursday, September 23, 2010

Bellow 1130

Momentum is fading on short term as evidenced by the hourly DMI that turned red today for the first time in the last 3 weeks. Also the price slipped bellow EMA50 but we still have a bullish EMAs crossing and price is still above the rising five days SMA. Weekly, we are a bit on red so unless tomorrow market moves up we are not going to see gains for four weeks in a row.

As I mentioned yesterday bulls should be happy if they manage to defend SMA200 or at least 1100 level. The more volume they manage to accumulate above 1100-1115 the better.


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