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Strategies & Market Trends : Ask Vendit Off-Topic Questions
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To: Vendit™ who wrote (3616)1/6/2005 9:32:18 PM
From: Walkingshadow  Read Replies (1) of 8752
 
My oh my.....

That trendline sure got taken out late in the day, and they weren't kidding either. Look at those last few candles:

139.142.147.22

But from that volume and internals it looks to me like a short-term reversal is close, probably at chart support just below. My guess is we'll see a bit more selling, then this selling will get stopped in its tracks, probably early in the session tomorrow.

I'm gonna cover my short, and will be looking to flip long.

But the fact that the trendline was taken out brings up the distinct possibility of a trading range beginning now, as opposed to an outright uptrend that we've been in the midst of since early August.

T
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