Wednesday, August 27, 2008

Walking along a narrow line

We traded in a fairly narrow range yesterday - and hit the high/low on the cent. Glad my price points are working out here. We went for the 1276 though I would have expected a final attempt at the 1282. We sold off back into our 1262 range and found some support to close right in the middle.

We are trading between 2 key ranges and the market will make a move soon. As you could see yesterday, the same as last week, we have been hovering at the 1262, a range that will be broken to the downside as the upside momentum seems to be gone. Technically we are in the middle and can head either way though it is my feel we will trade lower. I still feel we will make one last run at the 1282 - I need to make sure I watch action around the top properly (1282 or 1276) so I won't miss my entry for the down run.

Time and Price
Pretty much the same as yesterday
2nd high 1282
1st high 1276
open/close 1271
1st low 1262
2nd low 1252

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