Wednesday, 16 May 2012

3pm update - bulls against the wall

The chop fest continues, but with a distinct downward slant. Yet again the early morning gains have failed to hold, and we're now back in danger of spiralling again, although the sell-side volumn is simply still not there.

Sp'60min, count'1


A somewhat messy afternoon. I shall hold overnight into Thursday regardless, I'm long from sp'1334 which is at least a reasonable level ( I can only imagine how many were going long at 1360/50), first target by Friday late morning remains 1350/55.

I do like the narrowing wedge on the 60min chart. It suggest we have a fair chance of snapping to the upside no later than Friday afternoon. Considering we have opex Friday, and the biggest IPO of all time, I'm still holding to the wave'2 outlook.

Bulls would prefer a close over that 10MA of 1334

More after the close.