930-932 2nd resistance
916-918 1st resistance
880-882 1st support
868-870 2nd support
There could be a weak follow through from the previous trading day. I had called for a change of trend today so we will see if this move tops out today and goes through a corrective move. Since prices hit my target price where I had stated could be where a short term turn would occur, I will be looking for weakness to set in. If we begin to see the corrective move start today we could see a move into the 870 or 880 range. This would be a normal retracement so it will be important how prices react off this retracement if prices will resume the rally or break back to the 820-840 range. I do think that prices should top out today but how this can play out (weak open then a final move or open to target then a break) is yet to be seen.
Keep in mind that prices could attempt the continuation of the rally after the corrective move (taking out sellers) so how prices react will help confirm the likelihood of a continuation.
916-918 1st resistance
880-882 1st support
868-870 2nd support
There could be a weak follow through from the previous trading day. I had called for a change of trend today so we will see if this move tops out today and goes through a corrective move. Since prices hit my target price where I had stated could be where a short term turn would occur, I will be looking for weakness to set in. If we begin to see the corrective move start today we could see a move into the 870 or 880 range. This would be a normal retracement so it will be important how prices react off this retracement if prices will resume the rally or break back to the 820-840 range. I do think that prices should top out today but how this can play out (weak open then a final move or open to target then a break) is yet to be seen.
Keep in mind that prices could attempt the continuation of the rally after the corrective move (taking out sellers) so how prices react will help confirm the likelihood of a continuation.