Monday, 6 August 2012

11am update - top of the channel

We're at the very top of the hourly cycle channel.

It is arguably a good place for day/swing traders to start a new short-position, with simple short-stops somewhere in the 1400/05 level.



As noted earlier...I'm looking for a flat close. I'd guess we will go briefly red at some point later today, but..close flat.

Not exactly riveting action, but a good day for those looking to re-short..or exit remaining long blocks.