Market View
Both the Point and Figure chart and Candlestick chart are showing 3,040 as an important defense.
On the Point and Figure chart, 3040 will generate a new sell signal driving the minimum price objective of 2,975 closer.
On the Point and Figure chart, 3040 will generate a new sell signal driving the minimum price objective of 2,975 closer.
On the Candlestick chart, 3040 is an important resistance turned support confluence with the 200 MA. Once this level is taken, the next support is likely to be 2,920.
A break above 3,120 may invalidate the current bearish view.
A break above 3,120 may invalidate the current bearish view.
Labels: Market Direction
posted by Market Wizards @ February 15, 2011
Comments: 0
