Looking for a reversal here to 1075-1080 area. After that another fall down should follow. We may print 1068 as early as today.
Looks like EUR/USD has also put a short term bottom at 1.19. This reversal might take us to 1.2050-1.2070.
Posts Tagged ‘trendlines’
Reversal in SPX and EUR/USD
June 8th, 2010
Market looks tired, some stocks not.
March 16th, 2010Even though some of the market sectors look tired (tech, financials), there is still plenty of opportunities in the current market. Especially among Basic Material stocks, like the BHP and CHK below.
BHP long term chart suggests that the 82$ area acts like a magnet to the stock. If it is able to hold this pace, we might see 90$ by May Options Expiration.
Another long term bull is CHK. has been trading in a range for more than 6 months. It is a safe bet to buy here with a stop below 24.50 and a targets of 27/30/35.
Flipping short here. 1015 is a possible target.
November 4th, 2009After today’s action I am strongly convinced, that 1061 level has marked a top for the coming month.
Check out the charts below:
For the short case to be valid, we need to hold below 1055, otherwise today’s retrace might be interpreted as a pullback before another runup to 1080 level. The only thing that makes this possibility look weak, is the speed of the pullback.
My suggestion is to enter short here at ~1050. Use a 5-6 pts. stop. if we break above 1056, reverse your position from short to long, with a 20 pts. target. On the other hand, if we continue lower, scale 1/2 of your position out at 1015-1017 and drive another half all the way down to 990.
The power of trendlines.
January 28th, 2009Decided to paly a little bit with trendlines. So, this is what happened:
What seems to be chaotic price action intraday, looks quite nice on a longer timeframes. Some support/resistnce levels to keep in mind for now:
870 – support 1
860 – support 2
880 – resistance 1
890 – resistance 2
Actually pullback to 860 would have been very healthy for the market to continue its move higher.
