This is a new thread aimed at passing on info which I have learned and benefited from together with some of my trades. I would be grateful for feedback - positive or otherwise and we can see how this thread goes, if you like it I will continue.
Todays Support and Resisitance levels
Suppor t : $60.06 (low of 27/10/08)
Resistance: $63.96 (low of 22/10/08)
Suppor t : $59.47 (yesterday’s low) Resistance: $63.59 (high of 27/10/08)
Suppor t : $58.46 (low of 09/02/07) Resistance: $62.95 (yesterday’s high)
The Market made new year lows again yesterday as the down trend continues. We are still seeing any bounce being sold in to which is a feature of down trends and although we have fallen over $85 dollars in three months I would advise agains trying to pick the markets bottom and only enter a long position, for anything longer than a day trade, when the technical picture has shown us a signal of the trends reversing.
The short and medium term trends are bearish while the long term trend is sideways.
Todays Support and Resisitance levels
Suppor t : $60.06 (low of 27/10/08)
Resistance: $63.96 (low of 22/10/08)
Suppor t : $59.47 (yesterday’s low) Resistance: $63.59 (high of 27/10/08)
Suppor t : $58.46 (low of 09/02/07) Resistance: $62.95 (yesterday’s high)
The Market made new year lows again yesterday as the down trend continues. We are still seeing any bounce being sold in to which is a feature of down trends and although we have fallen over $85 dollars in three months I would advise agains trying to pick the markets bottom and only enter a long position, for anything longer than a day trade, when the technical picture has shown us a signal of the trends reversing.
The short and medium term trends are bearish while the long term trend is sideways.