Strictly Buy and Sell Set Ups Message Board

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Strategies & Market Trends : Strictly Buy and Sell Set Ups

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From: chowder	2/4/2006 4:35:41 PM
	of 13449

Weekend Stock Market Analysis ... (2/3/06) ............................................... The major averages didn't follow through this week and came under more selling despite some weakness in the price of Crude Oil. The current chart of Crude Oil looks similar to what occurred in late 2004 and early 2005 when it developed a Cup and Handle pattern and held support at its 10 Weekly EMA (blue line). Then in mid February the price of Crude Oil broke out of its 3 week Handle (H) leading to a strong move upward through late March (points A to B). Thus one thing to watch next week is if the price of Crude Oil will hold support at its 10 Weekly EMA which is currently just above the 64 level. If the price of Crude Oil is able to hold support at its 10 Weekly EMA and eventually breaks out of its developing Handle, like occurred last February, then we could see a significant upward move occur once again which would likely lead to more selling pressure in the major averages. amateur-investors.com

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