Thursday, July 2, 2009

Play for Thursday, July 2nd

Yesterday's rally was again quite abrupt and with no retrace down. However, daily momentum indicators are currently looking back north.

We could sell on weakness in the 4330s to ride a retrace down, or else look for strength between the 4280s and 4300s. Do look for a clear buy signal around these levels, as we have drawn a small parallel channel that could take us slightly lower as well, see below, and intraday momentum is mixed at the moment.


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