Tuesday, December 11, 2012

12/11/12- EOD Update

The market has managed to close above the 50 day SMA for a third day.


15 Min 
The pink option on the 15 min above assumes that the right shoulder of the inverted head and shoulders  (daily chart below) is complete and the market is headed for 1500.

The blue option on the 15 min above assumes that the right shoulder needs one more dip lower before heading for 1500.


Daily
The 50 day on this chart looks like a natural neckline for the H/S and so far the market has managed to close above it. However, we shall keep an eye on the 1433 level should there be temporary resistance here.

Weekly

This weekly chart continues to look good with the support of the 15 and 60 min charts above.
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