Apr 282010

Something to pay attention to today. This is my composite profile overlayed on daily bars. The profile is built from the 2007 swing high through the 2009 swing low to present. Note the low volume “notch” right at the overnight low today. This is a classic multi-period rejection of a range of prices with relative volume much lower than the major acceptance area surrounding it. If it does break through to the short side, expect a relatively fast market to the next high volume area below which is well estabished for value by buyers and sellers…

 Posted by at 9:27 am

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