Chart Prepared by Jamie Saettele, CMT using Marketscope 2.0
-A break below .8190 would complete a nearly 2 month head and shoulders top. Price would quickly encounter the 9/13 uncovered close at .8133. Price spiked into .8170 on Tuesday but failed to close below .8190 for even one hour.
Trading Strategy: Price may not have closed below .8190 but the close is the lowest since 9/17. A bearish bias is warranted against .8300 (Monday high). The head and shoulders objective is .7840.
LEVELS: .8035 .8103 .8133 | .8228 .8260 .8287
- Utility Industry
- Basic Materials Industry