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Strategies & Market Trends : Technical Analysis With Charts
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From: MACD X3/6/2007 12:52:03 PM
  Read Replies (1) of 6865
 
Too early to short the rally just yet.

stockcharts.com

Those wishing to short this down fall are probably a majority, and a majority isnt the group I would rather trade along with, but being that there are probably many waiting to enter short here are some observations.

Todays rally was as advertised off the lower trend channel line. And the big question is how high will it go before reversing again? [when is it time to short].

I as the group are awaiting to short this rally also. But I wish to pick my spots.

It will be what preceive to be a low risk entry.

There are many possibilitys of when this may be. But what I am looking at is on the charts above.

When looking at the charts above notice that in every case RSI at the 50 level is providing support and resistance to market moves.

The red arrows mark a time when this has been broken in the past and have gave good signals of trend reversals.

If this is a legetiment down trend the first rally should test this 50 line as resistance. This will likely be the best entry because a move to 70 on the RSI would indicate a possible new uptrend and a excellent reason to exit.

Of course it isnt as simple as that, I will be watching other things when we get near that area. [magnetic 65] upper trend channels and pitch fork resistance and such.

But the RSI 50 area should give a good clue.

Todays rally is too early in my opinion.
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