Wednesday, 2 May 2012

11am update - still awaiting a decisive break

Sp'1393 is not good enough for the bears. The bulls have effectively held the first line of defence this morning. Right now, bulls are getting a hammer off the 1394 previous low. This could be a disaster for the bears if we break above 1415. As ever, good trading stops are the answer to such unknowns.


Not much to add right now, so far..bears do NOT have their break. I suppose we could back test the 10MA at 1405..before starting a second attempt to break <1394.

The daily cycle still looks potentially bearish, but more on that later!