XOI (OIL STOCKS)
DOW JONES
This is what we mean with "air pockets". Friday's close is the small black bar, which in both cases sits on the lower border of a major Cluster of Restistances. It means that the path of least resistance is down, now that Mr. Market has worked his way through the area.Bouncing up will be hard work and reqiure lots of energy, while going down will be easy...
The Market has taken it on the chin in an impulsive fashion. The fairly high oversold readings and the action on Friday's last trading hour (big reversal) hint at another bounce attempt next week. The TCS's hint at a Feb 10 (+/-) time target. If the Market can rally further look for Feb 20.
The Market has taken it on the chin in an impulsive fashion. The fairly high oversold readings and the action on Friday's last trading hour (big reversal) hint at another bounce attempt next week. The TCS's hint at a Feb 10 (+/-) time target. If the Market can rally further look for Feb 20.
We also see some clustering revolving around mid to late March. We believe that this bear campaign could have enough strength to go all the way up to there before doing the next WAVE B/2 - multi week(/months ?) kind of bounce. But let's look at next week's attempt first.....and then take it from there.
No comments:
Post a Comment