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  • hedgehog25 hedgehog25 Dec 7, 2012 1:06 AM Flag

    Bearish engulfment - pullback starting!

    Well, yes, we agree, that's the critical level - and it closed right there. Whether it breaks through 26.90 (approximately) or bounces from there will determine the short term direction. Note that I said 26.80 because support/resistance levels aren't precise to the penny, so just a few cents below isn't really a break, and because it has gone to the 26.80's a couple of times in forming the current pennant.

    The reasons I think it's more likely to head down than up are (1) the bearish engulfment, (2) max pain is at 24, so it should be heading in that direction for OE - though granted there's enough time before OE for it to go up to the 30's and head down again, and (3) I think the market on the whole is heading down - see my posts on the SPY board about VXX as a leading indicator.

 
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