Thursday, 12 July 2012

12pm update - bounce underway

The morning low of 1325 looks indeed like the floor - possibly for the day, and we're now seeing the understandable bounce.

Bulls would need to break - and hold over, sp'1340 for me to wonder if they can maybe kick it as high as 1350 - which is the top of the daily down trend channel.

I think the best the bulls can get today, is a brief spike to 1337/40.




I am standing by to re-short anywhere over 1335, probably after 1-2pm.

With the break under 1330, I am pretty confident now about the days to come. Also, the weekly charts are now warning of a severe move lower next week.