Sunday, June 13, 2010

FIBONACCI FAN AND CHANNEL RESISTANCE AND BOLLINGER





1107-1110 looks to provide some serious resistance. This coincides well with the 200 DMA, which as of Friday's close sits at 1107.93.

The market has respected the yellow fans well, so I'd like to see a break above that fan to confirm a bullish momentum change. Look at how price craweled up the yellow fan during Mar and Apr.


I updated the Bollinger Band chart above with the 200 DMA. The 200 DMA has been the near term resistance level and the level to break if the W bottom is to be confirmed.

Notice the daily MACD bull cross and the close over the mid band? Hmmm.....

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