NEWBIE-TRADER-ER2-2007-05-25-TRADING-PLAN
Strong selloff yesterday after hit new all time high previous day. Bears are cautious now since the move might be done, support are close. Bulls are caught by the sudden selling. The new high 2 days ago were made in a very choppy market, a possible clue to smart money selling disguising as buyers?
Heads and Shoulders pattern have reached target. No new pattern has emerged, but the trendline support are near. Support is 819-820, it’s also 21.4% level. After that, 917 (monthly support). Resistance at 830-832 area.
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