As you may see the price refuses to decline more than 50% of the entire bulish move (3/16/11 - 4/6/11). The daily closing price was also higher than the resistance 1293.41, which undoubtedly gives us clear buy signal. Safe place for SL is 1298. Most likely he price will continue up next few weeks. 1375 looks like an imminent target. As time is more difficult to determine, but around these periods med term top could occur (May 3-10) or (May 21-28).
Good luck trading!
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2 comments:
Hi N.T.,
Thanks for the compliments first. I would like to see how the price will react to the important resistance at 1361. If drop sharp, and break below the II wave according to my count, I will consider 4 wave as not finished yet.
If just consolidate when hit 1361 with slightly downside bias, I would consider resuming the bullish move to 1375 even 1393.
Actually I don't see any crash signs. The market dropped nearly 58% for year and half (10/2007 - 03/209). P.S Watch arithmetic scale , not logarithmic.
Now we have to see at least five years bull market....
I prefer to cover the technical part of the analisys mainly. The fundamental part is not in my favor, but as I have noticed, usually the fundamental results follow the the Capital Markets at least six months to year and half later. Undeniable fact is that in 1975 the bull market resumes in I st wave after the [4] wave and 10 year consolidation. Then the fundamental news have been quite bad, and the economy has been in a severe recession and high unemployment. I dug out somthing here(http://www.applet-magic.com/rec1974.htm). The small inflation is healthy for the economy.
Yes, so far oil trend correlates with the US Index markets, and I can't sey who pulls the other one, but we can't sey the oil prices can't reach $200 - $300 per barrel only because it seems too expensive to us. Man, the human greed has no limits.
Milen
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