Monday, July 6, 2009

Slight update to targets

I have updated my targets slightly as per the comments. At this point anything in the small blue rectangle is acceptable. I am holding off on adding higher leverage until we reach at least the lower part of this range. I had circled my main areas of concern which are the heavily oversold conditions here. As we are trading at 893 we cannot go lower quite yet unless we see some distribution take place first. If we go lower now we will yet again be HEAVILY oversold at the 870-880 range giving buyers a chance to step in.

So target wise, looking for RSI to hit 45, MACD to have crossed or moved into the rectangle - whichever occurs first.

No comments:

Post a Comment