Hi IHSC,
Sorry for the delay, was gone most of the weekend.
I am still expecting a correction, yes.
Support levels are essentially the same as the resistance levels on the way up that were taken out so dramatically.
http://shttp://stockcharts.com/def/servlet/SC.web?c=qqqq,uu[w,a]daclyyay[dc][pb50!b200!f][vc60]&pref=Gtockcharts.com/def/servlet/SC.web?c=qqqq,uu[w,a]daclyyay[dc][pb50!b200!f][vc60]&pref=G
stockcharts.com[w,a]daclyyay[da][pd20,2!b20!f][vc60]&pref=G
So, from top to bottom, that would be:
1. Chart support at $37--it is possible this will hold, but only moderately likely IMHO
2. 200 sma at $36.64---this I think is very likely to be successfully tested.
3. 50 sma at $36.09;
4. Chart support at just under $36, about $35.95; this is almost exactly the same as the middle of the BBs (same as 20 sma) at $35.92 and is just below support from the lower rail fo the short-term regression channel:
139.142.147.218
This will be line-in-the-sand support, but I don't think we'll get down that far.
5. $35.30 chart support
6. Lower chart support levels below $35 is at about $34.80:
stockcharts.com[w,a]daclyyay[da][pd20,2!b20!f][vc60]&pref=G
NOTE: the Nasdaq futures are trading a bit in the red right now, with a little over 2 hours until the open. Oversease markets were mostly in the green, and oil is down close to $48.
T |
