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Strategies & Market Trends : Ask Vendit Off-Topic Questions

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To: DOUG H who wrote (4002)	1/18/2005 11:34:06 PM
From: Walkingshadow	Read Replies (1) of 8752

38 doesn't look so solid to me, and I think it will fall within a month. The last-ditch lowest support target is the lower rail of the regression channel (or the lower BB rail, they are close), which is about $35 right now: 139.142.147.218 That chart you posted tells the whole story: 139.142.147.218 That peak in mid-December was followed by a LOWER peak, and the technicals have been dwindling down to zero lines since mid-November, even as prices formed a new high in December that was NOT confirmed on the next try. THAT is bearish divergence if I ever saw it. IMHO, now price will follow the technicals and dribble on down to the south. And support at 38 will fall, but first we will see a bit more uptrend, which is really a relief rally. That rally stand little chance of breaking through powerful resistance overhead on this try. But I think it will do exactly that after the medium-term correction is over. The wild-card here with the longer-term trend is inflation, and oil futures, which are somewhat linked. And, what the FOMC thinks of both. T

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