Tuesday, June 9, 2009

Play for Tuesday, June 9th

The wedge that I highlighted in the weekend wrap up was greatly respected yesterday, as we found support on the lower trendline and resistance on the top.


I am still long at 4371, and would either look to hold or get stopped out at breakeven (and outside the wedge). I would still recommend caution when boarding risk, in both size and stop loss, and regardless of direction.

Intraday momentum is mixed: from the levels reached at US close last night there is an ambush long around the 4400 area. However, the 4400 line has not provided much resistance/support over the past month: look for confirmations on intraday charts with longer time frames.

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